select
|

EAAB can now issue fidelity fund certificate online

A pilot group of about 100 agents who are members of Institute of Estate Agents of SA (IEASA), were selected to make the first applications using the new system (initiated on September 23) and they will report back to the EAAB on their successes and failures.

"The test run will answer questions about the efficiency and ease of making applications online as well as to how large a load the system will be able to handle at one time," says Dianne Brock of the Western Cape IEASA.

"The new system, when it is up and running, will award the certificate within three days of the application being made. A printed certificate will then follow by registered post. If applications are turned down for any reason, applicants will be informed and further information will be requested if required.

"This will be a huge improvement on anything we have had in the past when fidelity fund certificates were on occasion not issued for months after applications were made."

It is surprising how often property sellers appoint estate agents without checking on their track records or asking to see their fidelity fund certificates, says Dante Fratti, chief executive of DF Properties, which focuses primarily on the Century City precinct.

"Contractors, suppliers and even professional designers and engineers are often asked to give referrals before they can expect a job - but for some reason agents are very seldom subjected to this sort of examination."

Fratti says he is always willing to supply a list of recent buyers and sellers with whom he has dealt and in his experience this has proved valuable in boosting the confidence of his clients. And sellers should always ask to see an agent's fidelity fund certificate.

"There have been several cases where agents' certificates have been out of date - and some cases where agents have operated for a year or longer without certificates.

" This can be dangerous for agents as well as sellers. If agents don't have valid fidelity fund certificates sellers could legally ask their attorneys to withhold commission.

"Similarly, if agents prove to be dishonest or inefficient, for instance if they abscond with deposits or other situations arise that deserve sanction, sellers will have no authority to whom they can appeal. This applies equally to buyers.

"Ignorance of the importance of fidelity fund certificate is still widespread among the public, and they cannot be reminded too often how essential it is to check their agent's legal status," says Fratti.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Nov 2017
      Property valued at approximately R1 billion is on High Street Auctions’ sales floor during the month of November, including the much-anticipated sale of the Tshwane Mayoral Residence and the land occupied by one of South Africa’s oldest operating gold mines.
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    • 16 Nov 2017
      Penthouses are synonymous with New York – characterised by high-rise living that is decidedly luxurious and spacious. While exclusivity comes at a price, you can still create a “penthouse” look and feel in your existing apartment or even the upstairs bedroom of a double storey house with some clever design changes and styling touches.
    • 16 Nov 2017
      The area has long been popular with kite surfers and, with escalating property prices in Cape Town itself, is increasingly in demand with home owners who work in town, but are looking to invest in more affordable properties.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK