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This news from Property24.

Also take note all involved will be liable if an independent inspector report was not done. This means an estate agent is not allowed to do the report as he /she is part of the transaction.

The term is 24 months for the buyer to void the transaction.

This will impact all involved in the deal.

1. Seller take back ownership of sold property (Refund Buyer).

2. Estate agent pay back commission.

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The imminent publication of the draft Property Practitioner’s Bill (PPB) is a game changer for the small but fast-growing South African home inspection industry. 

 

The imminent publication of the draft Property Practitioner’s Bill (PPB) is a game changer for the small but fast-growing South African home inspection industry.

The PPB is expected to give a massive boost to the local home inspection industry and, in doing so, create up to 10 000 new jobs in the private and public sectors.

Bryan Chaplog CEO of the Estate Agency Affairs Board (EAAB) has announced that home inspectors will be regulated under the new Property Practitioner’s Regulatory Authority (PPRA), which is to replace the EAAB. Estate agents will also be regulated by the PPRA.

Consumer rights of the home buying public will also be effectively protected by the PPRA. Sections of the Consumer Protection Act dealing with property sales will be repealed, and protection for property consumers will be provided by the PPRA. This will be achieved by requiring estate agents to recommend a independent home inspection to all prospective home buyers. By advising buyers to get a home inspection, most of the uncertainty of buying a used home voetstoots (as is) is removed."

 

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