12/05/2023
Property Finders for Investors
The work done by the folks that name themselves PROPERTY FINDERS for investors is the work of real estate agents, and property facilitators and intermediaries. The big problem is that they are doing it illegally and when found and reported, can be criminally charged. And therefore have criminal record for the rest of their lives. The Estate Agents and the Property Facilitators and Intermediaries are registered and regulated by the PPRA (formerly EAAB).
The Property Practitioners Act 22/2019 requires that people offering such services must be registered with the Property Practitioners Regulatory Authory (PPRA) and should have a valid Fidelity Fund Certificate (FFC). And these folks have none.
Equally, people that lose money in the hands of these people during a property transaction will not be able to claim their undue losses from the PPRA (formerly EAAB) anymore. These are the changes that came with the Property Practitioners Act 22/2019. Only moneys lost in the hands of registered professionals will be recovered up to R2 million.
So watch out!!!
Becareful who you deal with before you regret