Who or What is a Property Practitioner?
The new Property Practitioner’s Act was recently signed into law on 3 October 2019, replaces the old Estate Agency Affairs Act.
“A property practitioner includes any person who sells, by auction or otherwise, or markets, promotes or advertises any part, unit, or section of, or rights or shares, including time share and fractional ownership, in a property or property development.” This means that if you are a bond originator, bridging finance institution, home inspector, commercial property broker, HOA’s, property developer, property manager, factional title and a company that sells time share you will fall under this Act.
The Property Practioner may not accept a mandate to market, rent or sell a property without a signed fully completed signed mandatory disclosure form. A copy of this form must be provided to the Tenant or Purchaser who intends to make an offer to rent or buy. This form is to be signed by all parties and it is now mandatory for all property sale and Lease Agreements.
FIDELITY FUND CERTIFICATES
All Property Practioners are to be in possession of a valid Fidelity Fund Certificate.
Any person that earns commission or brokering fee from renting or selling property, need to have an FFC. The agency, its Agents and all the property Practioners must be fully compliant.
The Property Practioners Act requires that Property Practioners have a valid tax certificate and a BEE Certificate.
THE NEW AMENDMENTS TO THE RENTAL HOUSING AMENDMENT ACT 35 OF 2014
It is now compulsory that all Lease Agreements are to be in writing to be legally enforceable in the Rental Tribunal or a competent court. The onus rests on the Landlord.
A Tenant may request that the Landlord provide him or her with proof of the interest accrued on the deposit invested by the Landlord in an interest-bearing account.
If the Landlord fails to refund the Tenant’s deposit plus interest
If the Landlord wants to inspect the property, the Tenant has a right to privacy. The Landlord is to give the Tenant reasonable notice.
The Landlord is to provide the Tenant with a written receipt for all rental payments received including the deposit.
The Landlord is to ensure that the property is habitable, safe and is maintained. The Tenant has a right to electricity and water.
The Landlord may not switch off or cut off any water or electricity supply to the Tenant if the Tenant is in arrears.
The Landlord may not deny the Tenant access to the property. The Landlord may not bar the doors with chains and a lock or change the locks.
It is important to understand that there are serious implications for non-compliance. A person who fails to comply will be considered guilty of an offence and be liable on conviction to a fine or imprisonment not exceeding 2 years or both a fine and imprisonment.
At MRC Moldenhauer, we take our business, and our investors’ interests, serious. You can contact us to set up an appointment should you require a reputable company to take over your property management.