CAPE TOWN – The introduction of a new bill aimed at transforming and better regulating A property market worth R6 trillion has gained momentum.

Parliament’s Human Settlements Committee was briefed on Tuesday on the bill that will replace the 42-year old Estate Agency Affairs Act.

The main feature of the bill is the establishment of an independent Ombuds office to tackle public complaints.

In the proposed Property Practitioners Bill it will regulate the conduct of estate agents but also bond brokers, home inspectors, property managers and developers.

The independent authority will handle the disputes, the code of conduct of property practitioners and public complaints.

Director in the Human Settlements Department Khwezi Ngwenya said, “In the interest of the public we need to actually ensure that we advance, notwithstanding any other facts, the consumer protection.”

The bill also includes that inspectors with a warrant to seize documents from a property practitioner who then be required to store records for at least 10 years.

A transformation fund will seek for the sector to transform and encourage the participation of more black professionals within the industry.

Photo Credit- EWN

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