6 property law changes taking effect in South Africa from tomorrow

According to Tony Clarke, chairman of the Real Estate Business Owners of South Africa , this is a welcome step in the right direction for an industry previously plagued by unclear and often poorly implemented legislation.

“This document must be signed by all parties and attached to the sale or lease agreement. It’s a valuable reinforcement of our ethical responsibility to ensure open and honest property transactions.”Disclosure isn’t the only area in which the PPA is tightening up on legislation. It also requires any business earning a commission or brokerage from the sale or lease of a property to hold not just a valid Fidelity Fund Certificate , but tax clearance and BBE certificates as well.

As for the issuance and policing of FFCs, Clarke is hopeful that processes will be better managed under the Property Practitioners Regulatory Authority or PPRA which replaces the Estate Agency Affairs Board. “Realistically, we’re expecting teething problems with FFC applications. Not only will more people be applying for FFCs under the broader definition of ‘property practitioner’ in the Act, but the already-flawed systems also have not been updated to handle the other changes the legislation brings.”

As a result, certified agents could still face delays, making it difficult to receive a commission from conveyancers who are legally obligated to confirm the validity of both the agent and their agency’s FFCs before making payment.Thankfully, not all processes are getting more complicated under the PPA. Clarke said the changes to trust account requirements, in particular, will provide welcome administrative and financial relief to many property practitioners.

That means your business accounts can go through a far simpler and more affordable annual review. Clarke added that an exemption application is a prerequisite to not having your own trust account.The new regulations also promise smoother and more affordable property practitioner training.

Property Property Latest News, Property Property Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

4 property rental trends to look out for in South Africa this yearThe last two years have been some of the toughest ever experienced in South Africa’s rental market. Pandemic-driven pressure saw tenant churn and vacancies climbing, tenant reliability and rental collections dropping, and already-slow average rental escalation entering negative territory. Former United States Assistant Secretary Catherine Austin Fitts reveals that the Central Banks are using the Plandemic to take over the national sovereignty of nations. This is what the agenda is all about. WATCH & SHARE‼️ Crimes against humanity Klaus Schwab - World Economic Forum Headquarters Full [2007] 'Founder and Executive Chairman, presents the World Economic Forum from its headquarters in Geneva. Klaus Schwab talks about the Annual Meeting in Davos and its different stakeholders.'
Source: BusinessTechSA - 🏆 24. / 61 Read more »