Parliament� The Portfolio Committee on Human Settlements will tomorrow engage stakeholders about transformation in the property sector in Polokwane. The committee is currently processing the Property Practitioners Bill and is seeking inputs to strengthen the Bill.
The objective of the Property Practitioners Bill is to provide for the repeal of the Estate Agency Affairs Act of 1976, and make provision for the continuation of the Estate Agency Affairs Board, as the Property Practitioners Regulatory Authority.
The general view is that the outdated Act, which is 40 years old, does not assist government to achieve the outcome of improving the functioning of the property market, including the regulation of the buying, selling and renting of land and buildings. Also, the current Act does not meet the needs of South African communities, nor accommodate the dynamic needs of the real estate industry.
Source: Parliament of the Republic of South Africa