Unregistered estate agents a potential pitfall
One of the things few people check is whether or not their estate agent is properly registered, which could leave you with absolutely no recourse if you are sold a dud
Buying property or a house can be one of the biggest decisions of your life and there are many pitfalls to be on the lookout for.
One of the things few people check is whether or not their estate agent is properly registered, which could leave you with absolutely no recourse if you are sold a dud.
Simon Peacock, principal agent at RE/MAX Dolphin Realtors in Ballito, said agents and agencies operating without being legally registered was a serious problem countrywide, and he had met people who had dealt with dishonest agencies and were left with nowhere to turn.
“Unfortunately the industry is not policed the way it should be. Ideally, the best way to stop it would be to stop people from earning commission without an FFC.
“An estate agency must be registered with the Estate Agency Affairs Board (EAAB) and have a current Fidelity Fund Certificate (FFC), otherwise they are operating illegally,” Peacock said.
“Both the principal agent and the company itself need to have an FFC, and for an agent to have an FFC they need to work for a company legally registered with the EAAB.”
He explained that FFC accreditation requires that agencies be audited and the results sent to the EAAB for clearance and they must comply with the EAAB code of conduct and ethics, which include being held responsible for bad or dishonest sales. Proper accreditation also means agents receive ongoing training and complete internships and exams in order to be able to operate legally and to the best of their abilities.
Peacock advised potential buyers to ask to see a current FFC before going ahead with any purchase or lease contract. You can also visit the EAAB’s website at www.eaab.org.za and use the ‘find and agent’ or ‘find an agency’ tools on the right hand of the page to search for EAAB registered estate agents (type your search in lower case).
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