Some significant changes are set to kick in on 1 February 2022 when the Property Practitioners Act regulations commence. This is a positive step for the industry and promotes transparency and accountability.
The actual documentation around the Property Practitioners Act is quite long and obfuscated, so Marsha from Harcourts found all the essential elements.
A Long Time Coming
The Property Practitioners Act was finally passed (after about 4 years in the making) and will come into effect from 1 February. There is a lot to be happy about for all in the estate agency industry.
Practical Regulations
The Regulations are just to provide some of the practical ways that the Act will be implemented. Several aspects of the Act are not expanded on in the Regulations. This is either because they don’t need to be or maybe will not be implemented.
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Fidelity Fund Certificates
All estate agents will be required to present their own current FFC (Fidelity Fund Certificate) and the business/company they are employed at. These must be submitted to the conveyancing attorney at the time of Deed of Sale. No transaction may register, and commission paid out unless the agent and agency have current FFC’s.
The Code Of Conduct
The Code of Conduct is a set of rules all Agents and Estate Agencies have to conform to. Although they have been in play for a while, the rules relating to mandates and disclosures have been expanded. In short, no agent may advertise, canvass or undertake or offer to canvass a purchaser for the property without a signed mandate from the seller.
All sellers have to complete a declaration to disclose any defects to the property at the time of listing. This disclosure needs to be updated and re-signed at the time of the offer if it is older than 3 months.
Marsha, Harcourts
Previously:
Property News You Can Use – Coastal Towns Have Become Popular Retirement Spots Again.
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