New property Bills out for comment

04 April 2017 - 09:46
By TMG Digital
Image: Gallo Images/iStockphoto

The Minister of Human Settlements has published the Property Practitioners Bill and the Home Loan and Mortgage Disclosure Amendment Bill for public comment.

The two Bills were published last week. Once promulgated into law‚ the Property Practitioners Bill will repeal the current Estate Agency Affairs Act 112 of 1976.

“This Bill is part of Government’s response to the changing market conditions and it seeks to create an enabling environment to enhance economic activity within the real estate sector. It will also help open up market opportunities for new entrants into the real estate sector especially black people who were previously disadvantaged‚” said Minister Sisulu.

The envisaged law will regulate the compliance and conduct of property practitioners as well as promote transformation in the sector. The Home Loan and Mortgage Disclosure Amendment Bill will amend the Home Loan and Mortgage Disclosure Act 63 of 2000.

It will also help to regulate key human settlement matters as identified in the National Development Plan‚ including spatial planning‚ provision of housing finance and complaints from home loan holders.

“The Home Loan and Mortgage Disclosure Amendment Bill will ensure compliance by financial institutions and improve lending conditions and patterns‚” added Sisulu. Next month‚ the department will embark on road-shows in all the nine provinces to explain the two Bills and solicit public inputs.