NPPC calls for exemption from Sec 58 rulings

The Property Practitioners Act (PPA) came into law with effect from 1 February 2022. Section 58 of the PPA regulates arrangements between real estate agents and service providers in the real estate value chain following the conclusion of a deed of sale.

Second rates hike could cool estate markets

Despite last week’s decision by the South African Reserve Bank (SARB) to increase the repo rate by 0.25 basis points, the real estate sector is still optimistic about the year ahead.

This increase follows an increase in November last year and will result in the prime lending rate increasing to 7.5%.

Disclosing defects now a law

The new Property Practitioner’s Act 2019 is an important piece of legislation in the property sector. The new act came into effect on 1 February and several changes to the industry impacting on both agents and clients is in the offing.

With the publication of the regulations in mid-December, the Act and all its provisions is now active in full effect. The Act brings several changes to the industry including updating the title of estate agents from “estate agent” to “property practitioner”.

Notes on new Regulations

With the coming into effect of the Property Practitioners Act, 2019 as of 01 February this year, the regulatory landscape will change for estate agents. The final Regulations were published on 14 January. A brief synopsis of some points arising out of the Regulations is provided below. Note however that reference should always be had to the complete text of the Regulations and that this note is intended only to raise awareness.

New Act aims to transform property sector

SPEAKERS CORNER: The year is up and running but it can be interesting to have a quick glance at 2021 and look at some of the key take-outs from 2021’s recent economic history. From the booming cryptocurrency market to central banks keeping interest rates at zero, 2021 was indeed an interesting year.