The Property Practitioners Bill is a new piece of legislation which will replace the Estate Agents Act 112 of 1976.
Its main purpose is to establish the Property Practitioner Regulatory Authority, which will replace the Namibia Estate Agents Board; to regulate the affairs of all property practitioners; to allow for transformation in the property sector and to provide for consumer protection.
According to the bill, the below constitute as property practitioners: Any person (natural or legal) who in the ordinary course of business, for gain (i.e. against payment), holds out (i.e. this is his/her business), on behalf of another person:
- auctions; rents; sells or exhibits for sale or purchase, property or a business;
- manages property;
- negotiates such an agreement;
- canvasses for landlords/tenants/buyers or sellers of properties/businesses; or
- collects or receives rental on behalf of another person;
- acts as intermediary or facilitator in any of the above (neither are defined in the act but a google definition provides the following):
- intermediary – a person who acts as a link between people in order to try and bring about an agreement;
- facilitator: any activity that makes a social process easy or easier.
- It also includes a home owners association which does any of the above, for gain; and
- anyone employed by a property practitioner to do any of these things on his / her behalf; and includes anyone who sells, or markets time share or fractional ownership (basically a fancy expression for time share!); and includes
- anyone who is employed to manage / supervise the day-to-day business operations of a property practitioner (office manager); and alsoanyone who arranges:
- financing for a sale or lease;
- bridging finance (i.e. where a seller wants to take an advance against the proceeds of his sale) or;
- acts as a bond broker, (someone who helps a buyer apply for a loan with the banks), except if either of these, fall within the definition of a “financial institution” under the Financial Services Board Act.
- It includes directors of companies; members of CC’s and trustees of trusts, if the entity does any of the above; and also,any attorney or person employed by an attorney who renders these services except if that person hold a Fidelity Fund Certificate with the Attorneys’ Fidelity Fund, and if this work forms part of the attorney’s normal practice.
The Property Practitioners Bill is available for perusal on the Namibia Estate Agents Board website. I will write a follow up article next year on the key differentiators from the new bill and existing legislation.
For enquiries Text, Call or email #yourhomegirl Justina Hamupembe
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Email: justina@chili.com.na