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Property Sector Regulation & Compliance
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The 1st of February 2022 saw the commencement of the Property Practitioners Act (PPA) and subsequent Property Practitioners Regulations, bringing along significant changes to guidelines for registration, training and B-BBEE compliance in the real estate sector in South Africa. The most confused topic of the new PPA and Regulations seems to be training requirements for new Candidate Property Practitioners – what are they and when do they take effect?
The Property Practitioners Act 22 of 2019 (PPA) came into effect on the 1st of February 2022, thereby repealing the Estate Agency Affairs Act of 1976, which had largely regulated the real estate sector in South Africa. Under the PPA, all parties who deal with property and related matters in their ordinary course of business are all referred to as property practitioners.
With the Property Practitioners Act of 2019 (PPA) now in force, it is imperative that players in the property sector be awake to its requirements and obligations. Amongst the most prominent provisions in the PPA is with regard to transformation with the preamble, sections 47, 48 and 50 (a) (x) being key in this respect.
The 1st of February 2022 saw the commencement of the Property Practitioners Act 22 of 2019 (PPA), bringing along significant changes in the regulation of the real estate sector in South Africa. Prior to the PPA the sector had largely been regulated by the Estate Agency Affairs Act of 1976, which has since been repealed.
There’s a lot of speculation around the new Property Practitioners Act and subsequent Regulations from everyone in the industry. The most common questions we get are about training of agents and how this will change under the new regulations.
At this stage, the new requirements are very much “up in the air” with additional instructions expected from the Property Practitioners Regulatory Authority (PPRA) over the course of the year.
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