The New Property Practitioners Act provides more protection for consumers including the need to disclose defects in both sales and rentals, warns industry experts.
The new Property Practitioner’s Act 2019 is an important piece of legislation in the property sector. With the publication of the regulations in mid-December, the Act and all of its provisions will take full effect on the 1st of February this year.
The Act brings a number of changes to the industry including updating the title of estate agents from “estate agent” to “property practitioner”.
The Act also provides more protection for consumers including the need to disclose defects in both sales and rentals.
Although it has been in practice for some time, it is now a legal requirement. The document must be signed by all parties and annexed to the respective sale or lease agreement.
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