General Notice No. 312 of 2018

Property Practitioners Bill, 2018 » Explanatory summary of the Bill

Title	Property Practitioners Bill, 2018 » Explanatory summary of the Bill
Department	Human Settlements
Gazette	National Gazettes, No. 41671 of 31 May, 2018, 9 page(s), 72.7Kb

4    No. 41671                 GOVERNMENT GAZETTE, 31 MAY 2018

DEPARTMENT OF HUMAN SETTLEMENTS
                                                   NOTICE 312 OF 2018
          
                    EXPLANATORY SUMMARY OF THE PROPERTY PRACTITIONERS BILL,
                                                          2018

In accordance with Rule 241(1) of the Rules of the National Assembly –

1.      The Minister of Human Settlements herewith gives notice of the intention
                         to introduce into Parliament the Property Practitioners Bill, 2018 (“the Bill”)

during the Parliamentary session of 2018.

2.      The principal object of the Property Practitioners Bill, 2018 (''the Bill'') is to

repeal  the  Estate  Agency  Affairs  Act,  1976  (Act  No.  112  of  1996)  (''the
                         Act''), which was meant to provide for the Estate Agency Affairs Board, the

Estate  Agency  Fidelity  Fund  and  for  the  control  of  certain  activities  of
                         estate agents in the public interest.

3.      The  Act  is  outdated  (40  years  old)  and  does  not  assist  government  to

achieve the outcome of improving the functioning of the property market

which  includes  regulating  the  buying,  selling  and  renting  of  land  and
                         buildings. Furthermore, the Act in its current form does not assist to meet

the  needs  of  the  South  African  communities  and  also  does  not

accommodate the dynamic needs of the real estate industry.

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General Notice No. 312 of 2018

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