Estate agents amnesty deadline looms

The amnesty offered to illegal estate agents by the Estate Agency Affairs Board (EAAB) closes on 15 July 2011, when it is hoped that most of the suspected 5000 plus illegal agents will have come forward.

There are currently more than 39 000 registered agents across South Africa but the EAAB estimates that as many as one fifth of the operating agents may not be compliant. EAAB chairperson Thami Bolani, says, "We are urging these people to immediately join the regulatory fold and become accepted professional agents."

The Board is providing administrative support for agents requiring help with finalising the application forms. "All practicing agents are obliged by law to operate with a valid fidelity fund certificate before engaging in any estate agency functions and activities. We hope that this three-month amnesty period will help those trading illegally to regularise their businesses," said Bolani.

Amnesty review

Agents who want to take advantage of the amnesty must submit an affidavit to the EAAB making full disclosure of all estate agency activities undertaken while they were not authorised to do so. These amnesty applications will then be considered by a special committee.

"The committee will review, among other, the motive of bring the application, the context of the admitted contraventions, the nature of the contraventions as well as the interests of both the public and general body of the estate agents and justice to the applicant as a fit and proper person," Bolani confirmed.

The applicants will then be given reasonable time to get their estate agency affairs in order including finalisation of any administrative fees, the opening and maintenance by the applicant of a properly designated trust account, appointment of auditors, the necessary audits and obtaining the necessary estate agent qualifications.

"Applicants who are granted amnesty can be reassured that no internal disciplinary steps or measures will be instituted by the EAAB against them arising from any previous non-compliance with the provision of the Estate Agency Affairs Act," Bolani concluded.

Workshops for assistance

The Estate Agency Affairs Board will be hosting workshops nationally in all regions from June 2011 to assist estate agents in filling out their application form and answering their queries related to Amnesty.

For detailed information, go to www.eaab.org.za, call +27 (0) 11 731-5600 or email az.gro.baae@eokifom.aitrop