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Managing Agents under the Property Practitioners Act: What you need to know
Welcome to this Special Edition of The Advisory Newsletter.
The Property Practitioners Act (“the PPA”) and the Property Practitioners Regulations (“the PPA Regulations”) officially came into operation on 1 February 2022. The much anticipated PPA Regulations, which consist of 88 pages, were published on 14 January 2022 and are primarily aimed at addressing the shortcomings of the PPA.
Surprisingly, the industry only had 10 days to study these regulations before the coming into operation of the PPA and therefore neither property practitioners nor the Property Practitioners Regulatory Authority have had reasonable time to adequately prepare for this new dispensation.
This is particularly disconcerting for managing agents given that the PPA is arguably the most important piece of legislation that has ever come into operation concerning managing agents, because for the first time in our history, traditional managing agents are formally and undoubtedly regulated by a controlling Authority.
Therefore, it is essential for every managing agent to understand the effects and requirements of the PPA and the PPA Regulations. In order to assist managing agents, we have included a link below to download a useful summary prepared by Auren detailing the most important legal ramifications of the PPA and its Regulations concerning managing agents:
Full article: Managing Agents under the PPA: What you need to know
You can also download the full text of both the Property Practitioners Act 22 of 2019 and the Property Practitioners Regulations, 2022 below:
Kind regards,
Auren, Ané and Tim
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