Mandates and Mandatory Disclosure and the Code of Conduct
The party’s to the mandate
- Sellers
- Property Practitioners Company
Types of mandates
- Open/non-exclusive mandates.
- Joint/dual mandates.
- Sole mandates.
- Sole exclusive mandates.
Options for marketing
- Only the listing agent
- Office sharing
- Mini listings
- Listing Group (ML / Maxi listing)
Applicable Acts and By-laws
- CPA
- FICA
- POPIA
- Town bylaws
- PPA / PPR
- Code of Conduct (PPRA)
Elements of the Mandate
- Identify Property
- Identify Parties (Authority to sign)
- Starting & End date
- CPA declaration (5 days cooling off)
- Asking price
- Commission
- Undertaking by Seller
- Undertaking by Property Practitioner
- Declare registration with PPRA
- Defects disclosure
- For Sale / Sold / On show boards
- POPIA clause
- Declare an explanation of the mandate document
An addendum to a Mandate
- Mandatory - FICA
- Mandatory – Condition disclosure SELLERS
Optional documents – Not part of Mandate
- Fixtures Fittings
- Levy Statements
- Municipal account
- Building plans
- Complex rules
- Complex financials/minutes of the last meeting
What do the Law (PPA & PPR) and the PPRA expect from Property Practitioners regarding Offer to Purchase & an Addendum? We focus on:
- 5 Elements of an Offer to Purchase
- Important clauses to add and explain.
- What makes a valid offer?
- Parties to the contract and the role of a property Practitioner (use the OTP to build Trust)
- OTP in line with PPRA, PPA, PPR, The Code of Co and other applicable acts.
- Deceased Estates
- How to write clauses and an addendum.
Everybody in the property industry is welcome!
Please email koti@maxilisitng.co.za for more information.
