, which came into effect on 1 February 2022, and has already introduced significant changes for the property sector.
The Act applies to all property practitioners – which includes everyone selling, purchasing, letting, renting, financing, managing and marketing property. “A disclosure form must now be attached to all sale/lease documents and must be signed by sellers, lessors, lessees and purchasers before any transaction can be concluded. A property practitioner may therefore not accept any mandate after 1 February 2022 without a completed and signed disclosure form,” Fluxmans said.
“In addition, the PPA requires that property practitioners may not render any services without a Fidelity Fund Certificate, the display of which is mandatory. All property transactions must now include a prescribed clause guaranteeing the validity of the certificate.”