The much anticipated Property Practioners Bill has been signed into law by President Cyril Ramaphosa.
The bill replaces the 43-year old Estate Agency Affairs Act.
The bill will not only regulate the conduct of real estate agents but also bond brokers, home inspectors, property managers, and developers.
Rebosa will keep the industry fully informed as to the practical implications of the Property Practitioners Bill. There is however, a long road ahead as the regulations must now be drafted, published for comment and finally approved by the Minister. Only then will the Bill be promulgated to become an Act. Incidentally it is even technically possible that it never gets to be promulgated.
This process will not only take considerable time but will give a much better indication as far as the practical implications are concerned. Rebosa is fully prepared to comment on the draft regulations and will do whatever possible to promote the best interests of the industry in the process.