The Property Practitioners Act Explained
The Property Practitioners Act 22 of 2019 brought significant changes to the real estate industry in South Africa. Here's your complete guide:
Key Changes from the Old Act
1. Expanded Definition of Property Practitioners
The new Act covers more activities including:
Traditional estate agents
Property managers
Bond originators
Home inspectors2. New Registration Requirements
All property practitioners must register with the PPRA
Annual Fidelity Fund Certificates required
Stricter qualification requirements3. Enhanced Consumer Protection
Mandatory disclosure requirements
Cooling-off periods for certain transactions
Better dispute resolution mechanismsCompliance Requirements
Registration - All practitioners must be registered
Fidelity Fund - Valid certificates for all activities
Trust Accounts - Proper management and reporting
Records - Comprehensive documentation of all transactions
Training - Ongoing professional developmentPenalties for Non-Compliance
Fines up to R1 million
Imprisonment up to 10 years for serious offences
Loss of registration
Personal liability for directorsStay Compliant with Realty Comply
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