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The new Property Practitioners’ Bill is being considered by government and is set to replace the Estate Agency Affairs Act that is currently in place.

This change will affect all estate agents and others working in the property market.

The new law states that previously disadvantaged individuals will be given priority entrance to the market.

Estate agents will also go by a new name; “Property Practitioners”.

What is the goal of this new bill?

The bill aims to provide:
+ regulation of property practitioners;
+ continuation of the Estate Agency Affairs Board as the Property Practitioners Regulatory Authority;
+ appointment of the members of the Board and matters incidental thereto;
+ appointment of the Chief Executive Officer and other staff members of the Authority;
+ establishment, appointment, powers and functions of the Property Practitioner’s Ombud Office;
+ compliance with, and enforcement of, the provisions of the Act;
+ continuation of the Estate Agents Fidelity Fund as the Property Practitioners Fidelity Fund;
+ protection of consumers;
+ repeal of the Estate Agency Affairs Act, 1976, and matters connected therewith.