South Africa


United States

Visit the Estate Agents Affairs Board

In order to sell timeshare in South Africa an agent or broker MUST BE REGISTERED WITH THE ESTATE AGENT'S AFFAIRS BOARD and be issued with a valid FIDELITY CERTIFICATE; and to comply with the Act which governs the sale of timeshare.   Anyone who deals in the resale of Timeshare properties and is not a registered member of the Estate Agents Affairs Board is liable to face criminal proceedings.

Fairfields is registered with the Estate Agent's Affairs Board
under Fidelity Certificate No 2004 200 610

The following are extracts from the Estate Agent's Act No 112 of 1976 which clearly show to what extent timeshare Buyers and Sellers are protected and provides for the control of certain activities and for incidental matters pertaining to the purchase of a timeshare property:

QUALIFICATION
CHAPTER ONE: (6) No person shall be appointed as a member of the board if he:- (a) is an unrehabilitated insolvent; (b) has failed or is unable to comply in full with a judgment or order, including an order as to costs, given against him by a court of law in civil proceedings; (c) has been convicted of an offence involving an element of dishonesty.

TRUST ACCOUNT
CHAPTER THREE: 32 (1) Every estate agent shall open and keep a separate Trust Account with a bank of building society, and will forthwith deposit therein the moneys held or received by him in his capacity as an agent. 32 (3) (a) keep separate accounting records of all moneys. 32 (3) (b) balance his books and records relating to the Trust Account at intervals of not more than one month and cause them to be audited by an auditor; 32 (4) The auditor shall forthwith after completing the audit transmit to the Board a report in the form from time to time determined by the Board in regard to his findings.

ESTATE AGENTS FIDELITY FUND
CHAPTER TWO: 12 (1) There is hereby established a fund to be known as the Estate Agents Fidelity Fund:
12 (2) The fund will shall be controlled and managed by the Board; 15 Every estate agent shall pay an annual contribution to the fund such amount as may be prescribed;. 18 (1) The fund shall be held and applied to reimburse persons who suffer pecuniary loss by reason of (a) theft by an estate agent; (a) (I) of any money or other property entrusted by or on behalf of such persons to him in his capacity as an estate agent; (a) (ii) of any moneys collected or received by him and payable or on account of a contract of purchase and sale in respect of immovable property.

OFFENCES AND PENALTIES
CHAPTER THREE: 34 Any person who contravenes or fails to comply with any provision of this Act or any order or request issued or addressed thereunder, shall be guilty of an offence and liable to a fine not exceeding five thousand and or to imprisonment for a period not exceeding five years, or to both such fine and such imprisonment.

PO BOX 48 FLORIDA HILLS 1716, Republic of South Africa. Phone +27 11 477-4939 . E-mail info@fairfields.co.za

"Serve Others as You would Serve Yourself"