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News & Press: GENERAL

Property Practitioners Bill

Tuesday, 27 November 2018  
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Property Practitioners Bill
(AS PUBLISHED IN THE SA VALUER SEPTEMBER 2018 EDITION)

 

Members of the public were asked to provide their comments to the Department of Human Settlements on the proposed draft Property Practitioners bill. In 2015, the Minister of Human Settlements Lindiwe Sisulu stated in parliament, that The wish of DHS is to prioritise for new rules that will place a heavier onus on estate agents/realtors to provide a much deeper level of advice to prospective purchasers and to engage a properly trained and certified home inspector for the sale.”

The main stakeholder, the EAAB, appears to be working with DHS to achieve a number of objectives, such as re-naming estate agents as “property practioners” and increasing their responsibility for more informed advice to the buyer. (http://parlyreportsa.co.za/landagriculture/property-practitioners-bill-will-protect-buyers/)

How does this affect you, the Valuer?
The bill has defined a Property Practitioner (Section 1, (a)(v)) as someone who assesses property to determine the defects, value for money and fit for use as part of the conclusion of an agreement to sell and purchase, or hire or let property.
Real estate agents are not qualified to determine value for money as the bill purports. The process of providing value to an immovable asset is one which requires the person conducting the valuation to have technical knowledge obtained through relevant education, and the person being registered with the regulatory body, the South African Council for the Property Valuers Profession.
Should the bill be passed, members of the public may be of the view that Property Practitioners are capable of providing such a service, which will cause much confusion.

The bill has been made available for your perusal.

Although comments have now closed, we should continue to engage on this topic until such time that the necessary amendment has been made, as it may have a detrimental impact to the Valuation profession.

Property Practitioners Bill, 2018

 

 

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