Members of Parliament (MPs) are on Friday set to continue engagements with stakeholders on a new bill which will regulate the property industry in South Africa with a meeting in Boksburg, outside Johannesburg.
The Property Practioner’s Bill is aimed at repealing the 1976 Estate Agency Affairs Board Act.
“The Act is outdated (40 years old) and does not assist government to achieve the outcome of improving the functioning of the property market which includes regulating the buying, selling and renting of land and buildings,” the statement said.
“The Act in its current form does not assist in meeting the needs of the South African communities and also does not accommodate the dynamic needs of the real estate industry.”
Some of the key features of the bill include the establishment of an Ombudsman to respond to consumer complaints, expanding the definition of a property practitioner, requiring companies to have a BEE certificate, extends the powers of inspectors to include searching property, and the introduction of compulsory disclosure forms where properties are bought or sold.