The Property Practitioners Regulatory Authority (PPRA) has issued a press release with strong warning to consumers, urging them to verify the registration status of property practitioners (estate agents) before engaging in any real estate transactions. Consumers are advised to ensure that their chosen practitioner holds a valid Fidelity Fund Certificate (FFC), which serves as proof that they are legally registered with the PPRA.

Why Verification is Crucial

Property transactions often involve large sums of money, and dealing with an unregistered or fraudulent practitioner can lead to financial loss and legal complications. The PPRA emphasizes that all property practitioners, including estate agents, agencies, and candidate practitioners, must be registered and in possession of a valid FFC for the current year.

Consumers are also reminded that when dealing with a candidate property practitioner, they must confirm that the candidate is working under the supervision of a fully registered property professional.

Protecting Your Trust Money

One of the most critical aspects of any property transaction is the handling of trust money. This includes funds entrusted to a property practitioner for purposes such as property sales, rentals, and deposits. Before handing over any trust money, consumers must ensure that:
✔ The property practitioner is registered with the PPRA and holds a valid Fidelity Fund Certificate.
✔ The firm they work for is registered with the PPRA.
✔ The firm has an active trust account with a registered South African bank.
✔ The trust money will be deposited into this trust account and not into a private or personal account.

How to Verify a Property Practitioner

If consumers are uncertain about the registration status of a property practitioner or estate agency, they are encouraged to contact the PPRA directly before proceeding with any transactions. The PPRA Contact Number is: 087 285 3222.