In terms of the The Property Practitioners Act 22 of 2019 that came into operation on 01 February 202 a conveyancer (qualified attorneys attending to property registrations in the Deeds Office) may not pay any remuneration or other money to a property practitioner – unless the property practitioner has provided the conveyancer with a certified copy of the relevant Property Practitioners Fidelity Fund Certificate (FFC).
Property practitioners include a person who directly or indirectly sells or leases properties including sales and rental agents, business brokers that deal with the sale and letting of immovable property, managing agents who receive remuneration for managing property on behalf of another, auctioneers, and trusts that do the work of a property practitioner. Any property practitioner is not entitled to any remuneration unless the property practitioner and, if a company, every director of the company, is in possession of a valid FFC.
As such conveyancers are required and obliged to police and give effect to the new legislation. Commission / remuneration payable to an agent that is not registered and in possession of a valid will be paid to the PPRA Fidelity Fund. The affected seller, lessor, purchaser, or lessee may , submit a written claim in respect thereof to the Fidelity Fund – within three years of that money having being paid to the Fidelity Fund
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