Real estate sector keen to comply with CPA transparency concepts

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Bill Rawson, Founder and Chair of Rawson Property Group. Bill Rawson, Founder and Chair of Rawson Property Group.

Real estate sector keen to comply with transparency concepts of new consumer protection act – but still not sure how they will apply.

The “consumer” in the real estate sector (i.e. the buyer and seller) now has rights to open and full disclosure and these rights have been more clearly recognised by and enhanced in the new Consumer Protection Act, says Bill Rawson, chairman of Rawson Properties.

“The industry,” says Rawson, “has no problem with the more stringent transparency concepts now enforceable and by and large its leaders have expressed a wish to comply with them but there is still much ignorance among both estate agents and consumers as to how the principles of the CPA will actually work in day to day property transactions.

“Just how far, to take one example, will they impinge on the voetstoots clause?”

At this stage, says Rawson, consumers recognise that they have full disclosure rights but they too are vague as to how these can be enforced.

“No doubt the whole scene will change in the next two years,” said Rawson, “but as so often happens with groundbreaking legislation, it will take some time for a body of case law to be built up which will define more clearly the way in which property transactions have to be handled.  We are pleased, however, that we in the real estate industry will be enabled through this legislation to improve our service and regain the confidence of the consumer.”


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