Property 24/10 - 530

19 November 2020 00:00

Simplify estate agent qualifications for transformation – REBOSA
There are currently 25 000 intern agents and few will go on to complete the NQF5 qualification to become principal agents or business owners due to the cost, time and cumbersome requirements, warn industry experts.

REBOSA, the Real Estate Business Owners of South Africa has called on the Minister of Human Settlements to urgently regulate a revamp and simplification of the estate agency qualification framework to accelerate transformation in the industry.

Samuel Seeff, a director of REBOSA and chairperson of the Seeff Property Group says the current requirements are an obstacle to transformation with candidates facing almost insurmountable challenges to become property practitioners.

It is an industry-wide problem - which is set to be compounded when the new Property Practitioners Act is put into effect, as the work of intern or candidate property practitioners will be intensely regulated.

The new Property Practitioners Act: Key regulations as effect date expected
The regulations for the new Property Practitioners act are being finalised, after commentary was extended until 20 November. Here are some of the key aspects to note.

While the Property Practitioner Act is in fact law, it is not yet operational.

On 3 October 2019, President Ramaphosa promulgated the new Property Practitioners Act 22 of 2019. The Act only comes into operation on a date fixed by the President by proclamation in the Gazette. The effective date is soon to be announced as the Estate Agents Affairs Board is currently facilitating information sessions by the Department of Human Settlements.

The comment period for the Draft Property Practitioners Regulations has been extended by the human settlements department until 20 November 2020. The draft regulations were published for comment in Government Gazette 43073 in March 2020. The draft regulations flow from the Property Practitioners Act, signed by the president last year.

Is there a cooling off period when buying property? It's complicated
Buyers should guard against putting in more than one offer to purchase, as the cooling-off period for immovable property is only applicable in certain instances. A purchaser should be 100% sure that he or she wants the immovable property before signing any contract.

"As soon as the offer to purchase has been signed by both the purchaser and seller, it immediately becomes a legal and binding sale agreement," warns Fanie Botes, Director at Millers Inc. "The question often asked by purchasers or consumers is whether goods can be returned after being purchased and whether a contract can be cancelled after being entered into.

"As a purchaser or consumer, you have a right which allows for the cancellation of a contract or the return of goods within a certain period of time. This right is known as the cooling-off right," says Botes. However, many are under the misconception that the Consumer Protection Act (CPA) gives them a cooling-off period when entering into a Property Sales Agreement, warns Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett.