December 4, 2018 8:04 pm
CAPE TOWN – The National Assembly has unanimously passed the Property Practitioners Bill that will introduce widespread changes to the industry.
Once law, it will introduce several new measures aimed at transforming the sector and making it more inclusive of previously disadvantaged individuals.
The bill will replace the 42-year-old Estate Agency Affairs Act.
Whereas the current act only regulates the business of estate agents and agencies, the new bill will extend to all property practitioners including property brokers, bond brokers, and marketers.
The bill also establishes a new regulatory authority to replace the Estate Agency Affairs Board.
Human Settlements Minister Nomaindia Mfeketo says government wants to see the involvement of more black people in an industry worth R7 trillion.
“Our government believes that straightening the property sector is critical to propelling meaningful changes in people’s lives. While over the last 40 years the world and the country have changed, this sector is stagnant and its growth prospects are sterile.”
The bill will now be sent to the National Council of Provinces for concurrence before it’s handed to the president to sign into law.
(Edited by Thapelo Lekabe)
Categorised in: South Africa