In REBOSA Reports

Property Practitioners Bill

The Property Practitioners Bill was published for public comment on 31 March 2017.

Rebosa is currently consulting with a leading firm of attorneys and will be submitting our commentary by the deadline date of 30 April 2017.

We are inviting all our members to submit their comments to us by no later than Friday 21 April in order for us to collate the responses and include them in the discussions we will be having with our attorney’s, thus providing us with sufficient time to meet the deadline.  

For your ease of reference the Bill can be found on Rebosa’s website.  During the next few weeks we will also be publishing questions and answers in relation to the bill on our website and you can use this platform to engage with us and further familiarise yourself with the legal nuances contained in the Bill in its current form.  Please forward any questions you may have.

As we’ve reiterated the ‘Bill’, if enacted in its present form, will have far reaching consequences on the real estate sector, affecting all estate agents.  We therefore, urge you to please read the Bill and send us your comments timeously.

Chief Executive of the EAAB

Mr Mbulelo Tshangane, Director-General: Department of Human Settlements during the last parliamentary portfolio committee meeting announced that Mr Bryan Chaplog will be leaving his position as CEO of the EAAB to join the management of the Housing Development Agency (HDA).

We have been informed that his departure is not imminent and that a formal announcement will follow.

We wish Mr Chaplog well in his new endeavours and look forward to being advised by the EAAB as to his replacement.

Yes, Property24 Bought Private Property, But No, Not Quite

It was reported late last year, possibly with information provided by Property24, that the owners of Property24 purchased Private Property.

Some members picked up on this and others are enquiring about this from time to time.

It is true that a share purchase agreement between the majority shareholders in Private Property and the owners of Property 24 was signed last year.

This contract is subject to a number of suspensive conditions, the most important of which is approval of the transaction by the Competition Commission.  This process has not even started yet and a good argument can be made that this is prone to fail in view of the current market position of both Property 24 and Private Property.

Be that as it may, the contract could also be in contravention of the existing shareholder’s agreement and on this issue a court case is pending, hence it will be misplaced to comment at the moment.

Needless to say, this transaction is far from a successful conclusion.

Meanwhile it is business as usual and it is of the utmost importance that the industry to do whatever is necessary/possible to ensure that one entity/portal does not obtain dominance in the market.

The negative impact of that eventuality speaks for itself.

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