Amended Property Sector Code -Attorneys spearhead transformation in the property sector

According to a recent IOL Property news report, Trade and industry minister, Rob Davies, announced that the Amended Property Sector Code had become binding on entities and organizations operating in the property sector.

Davies approved the gazetting of the Amended Property Sector Code in terms of Section 9 of the Broad-based Black Economic Empowerment Act on June 28.

Property attorneys have already embraced the Amended Property Sector Code by introducing their experience, skills, legal training and expertise to assist with the transformation in the property sector. “We combine the latest Property Technology developed by fellow attorneys, working with other leaders in the Property Technology industry. We started with a group of 4 property attorneys with a combined property experience of over 100 years”, says Meyer de Waal, a conveyancing attorney in Cape Town. The initiative is growing by the day, with more attorneys joining to contribute.

We are excited that our contribution can make a difference says Meyer, as attorneys are vital role players in the property sector.

Attorneys have also entered the property market in the marketing and selling of properties. An attorney is suitably equipped to assist all parties with the negotiations to close a property transaction. Attorneys have access to property “tools” such as up to 9 online property listing portals. Virtual reality tours to showcase properties for sale, online home loan and credit profile indicators working applying the My Bond Fitness tools, access to prequalification’s for a Flisp government subsidy, alternative home purchase solutions like Rent2buy, debt and affordability repair and improvement, forms part of the solutions offered.

“It is estimated that out of 38 000 estate agents, only 13% are black, and this is among the challenges that the Amended Property Sector Code seeks to address.”

Attorneys are also making their skills, tools and Property Technology available to other stakeholders in the industry.

With attorneys and candidate attorneys being able to provide property services from within existing legal practices, these practices have an opportunity to employ and skill young black law graduates to become active in the marketing and selling of the properties of the clients of those practices, says Chris Fick, another Cape Town attorney who markets and sells on behalf on his clients and who participates in this venture.

“With 50 % of buyers being first time home buyers, we also developed online guides for first time buyers addressing the major aspects a home buyer will face and prepare himself when preparing him or herself to buy a home. So far, the course was implemented for a property group with some 11 000 tenants as well as more than 3 700 employees of African Bank, as well as more that 5 530 subscribers to the My Budget Fitness and My Bond Fitness programme”, says Meyer.

“The Amended Property Sector Code has introduced a measurement indicator called Economic Development, which aims to stimulate property development in under-resourced and marginalised areas, while in the process addressing inequalities and creating wealth among previously disadvantaged groups,” Davies said

Attorneys from previously disadvantaged groups, with a passion for property and the need to stimulate their own legal practices, will also reap the benefits of this endeavour, as we are reaching out to all attorneys to provide our mentorship, property tools and experience, says Meyer.

Contact details – Meyer de Waal or 021 461 0065.

For more information on the IOL report  – click here

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My Bond Fitness is the brain child of practicing attorney, Meyer de Waal. "Our vision is to see every South African unlock their true financial potential and achieve one of the cornerstones of freedom – their own home."