“ The PPRA replaces the Estate Agency Affairs Board with an expanded mandate to govern the property profession .”
In the event that the mandatory disclosure form is not attached to the lease or purchase agreement , the property practitioner could be held liable by the tenant or buyer and this can be reported to the PPRA through a new complaints , mediation and adjudication process . Although the disclosure form is not mandatory if the sale is a private one , it is recommended that it be included in the event of latent or patent defects to the property .
Regardless of the evident administrative burden , the Act and corresponding regulations should be viewed as an opportunity . An opportunity for the industry body to promote diversity , transformation and regularisation . An occasion for the property practitioner to improve business practice , promote enhanced compliance and through this , safeguard their own continued success .
SA Real Estate Investor Magazine MARCH 2022 49