It is important that sellers guard against being swayed by the charm and the promise of selling for maximum profits and ensure they do not overlook the importance of ticking all the boxes before awarding a mandate for the sale of their property.
You must make sure that the agent is properly qualified and has a valid Fidelity Fund Certificate (FFC). This is important because a registered agent with a valid Fidelity Fund Certificate offers protection not only for the sellers but also for buyers as well as for the agent.
The importance of a valid Fidelity Fund Certificate (FFC)
Under the Estate Agents Act, no person may practice as an estate agent unless he or she is in possession of a fidelity fund certificate. The power to issue and withdraw this certificate vests in the Namibia Estate Agent Board (NEAB). Fidelity Fund Certificates are valid for 12 months and must be renewed by 31 October annually.
Sellers are entitled, and it is recommended, to ask to see the FFC of an agent to check its validity on the document itself as well as with the NEAB where you can search whether someone purporting to be an agent is in fact registered as such.
By dealing with an agent with a valid fidelity fund certificate, you are not just confirming that the agent is legitimate and appropriately skilled, but the transaction would be covered by the Estate Agents Fidelity Fund (administered by the NEAB) should the need ever arise to lodge a claim with the fund. The purpose of the fund is to reimburse a member of the public who, under certain circumstances, has suffered a financial loss as a result of his dealings with an estate agent.
There is no limit to the amount a claimant may recover from the fidelity fund, but certain requirements must be complied with before a person is entitled to enforce a claim against the board for compensation from the fund.
The dangers of dealing with an agent who is not registered with the NEAB are enormous. It is an easy exercise to check whether an agent is registered or not – simply ask to see a current copy of the agent’s Fidelity Fund Certificate. If the person with whom you are considering working with does not have this, move on and find someone who has the right credentials.
For enquiries Text, Call or email #yourhomegirl Justina Hamupembe
Cell: +264812726001
Email. justina@chili.com.na
Website: www.chili.com.na
