29 March 2019
The Property Practitioners Bill has been passed by parliament and sent to president Ramaphosa for assent.
The national assembly passed the bill and sent it to the national council of provinces for concurrence in December 2018.
The bill was tabled in parliament in June 2018.
Comment was sought on the draft bill in April 2017.
The bill seeks to:
• provide for the regulation of property practitioners;
• provide for the continuation of the Estate Agency Affairs Board as the Property Practitioners Regulatory Authority;
• provide for the appointment of the members of the Board and matters incidental thereto;
• provide for the appointment of the Chief Executive Officer and other staff members of the Authority;
• provide for transformation of the property practitioners sector;
• provide for the establishment of the transformation fund and establishment of the research centre on transformation;
• provide for compliance with and enforcement of the provisions of the Act;
• provide for the continuation of the Estate Agents Fidelity Fund as the Property Practitioners Fidelity Fund;
• provide for consumer protection;
• provide for the repeal of the Estate Agency Affairs Act, 1976; and
• provide for matters connected therewith.
According to the bill’s memorandum, the Estate Agency Affairs Act continues to “perpetuate exclusion of some people in other areas, promote weak monitoring of estate agency matters, encourage rampant embezzlement of clients’ funds and fails to provide mechanisms for monitoring the continuous mushrooming of unregistered estate agents, and therefore contributing negatively to the functional property market.”
During its deliberations, the portfolio committee on human settlements introduced a new Chapter 4 to the bill on transformation of property sector and new clauses on lodging of complaints, mediation, adjudication and adjudication appeal committee.