CAPE TOWN – The Property Practitioners Act of 2019 signed into law by President Cyril Ramaphosa was on Thursday broadly welcomed by estate agents, but did not adequately define how transformation should take place in the industry.
The Act, signed on Wednesday, repeals the 43-year-old Estate Agency Affairs Act of 19, and is aimed at improving the functioning of the property market, which includes regulating the buying, selling and renting of land and buildings.
It aims to put in place better monitoring mechanisms, including requiring inspectors to obtain warrants to enter premises.
It was also aimed at ensuring “seamless processes and professional standards in the real estate industry, said South African Housing and Infrastructure Fund (SAHIF) chief executive Rali Mampeule.
He said the Act was “a progressive step in the right direction for the country and it will play a crucial role in addressing other issues within the industry” .