Unregistered estate agents cause trouble

2017-10-11 06:01

Potential property buyers in the Free State are strongly warned against dealing with unregistered estate agents.

Strong advice to verify estate agents follows the discovery that ten of the 12 estate agents operating in the Greater Mangaung Metro region (Bloemfontein, Botshabelo and Thaba Nchu) are not registered with the regulator body Estate Agency Affairs Board (EAAB).

“The danger of using unregistered estate agents is that they are not on the EAAB’s data base.

“If anything goes wrong, the EAAB will not be able to locate them,” Felicity Thwala, EAAB’s legal officer of the compliance department, said.

“Buying property involves giving advice and negotiating the best possible price for the parties involved in the transaction. Registered estate agents are able to handle all of this.

“Buying property also involves handling money such as a deposit, which in law is supposed to be held in a trust account, which is protec-ted by the fidelity fund.

“Any money not held in a trust account are not protected and can be misappropriated by the unregistered estate agent,” Thwala said.

  • Regarding suspected illegal conveyances, Thwala advised potential buyers to report cases to the law society which serves as the watchdog. To verify estate agents’ legality, buyers can request a copy of the fidelity fund certificate from the regulator (EAAB) by logging onto their website at www.eeab.org.za, or contact the EAAB call centre on 087-285-3222.

Ten of the 12 estate agents operating in the Greater Mangaung Metro are not registered.


Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

Inside News24


Enter the examination number or search by province or school (NSC Students) to view results.

Traffic Alerts

Jobs in Cape Town [change area]

Jobs in Western Cape region

Reporting Accountant

Cape Town
Network Finance Professional / Prudential
R310 000.00 - R360 000.00 Per Year

Cluster Financial Manager

Cape Town
Network Finance
R950 000.00 - R1 000 000.00 Per Year

QA Technical Tester

Cape Town Northern Suburbs
Hi-Tech Recruitment - Johannesburg

Property [change area]

There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.