Enforcement
Claims Process and Litigations
Estate Agency Affairs Board was established in terms of Estate Agents Affairs Act 112 of 1976. The Board is a legal person and can therefore sue or be sued on its own name. It has perpetual succession and any change in the composition of member of the Board does not affect its legal personality. The Act also imposes a duty to the Board in terms of Section 7, to promote and maintain the standard of conduct of estate agents and to regulate the activities of estate agents, having due regard to public interest
Payments from the Fund in respect to a claim
June 20, 2011
The only loss that may be recovered from the fund is actual pecuniary loss and not, for example, compensation for inconvenience.
Liability
June 20, 2011
The Act provides for certain instances where the liability of the fund to compensate is excluded. These instances follow
Lodging a Claim
June 13, 2011
Claims must be lodged by way of an affidavit from the claimant setting out the circumstances giving rise to the claim.
Transfer of rights and remedies to the board
June 13, 2011
If the Board settles a claim against the fund in full or in part all rights and remedies of the claimant against the parties responsible for the loss pass to the Board to the extent of the settlement in terms of section 21 of the Act. The claimant, thus, loses all further rights of action against the estate agent or person responsible for the loss...
When does a claim lie against the fund?
June 13, 2011
Pursuant to section 18 (1) of the Estate Agency Affairs Board Act the purpose of the Fund is to reimburse persons who have suffered pecuniary loss under certain defined circumstances. These circumstances are listed as follows...
Trust Monies
June 13, 2011
Monies entrusted to an estate agent in her/his capacity as an estate agent.
The circumstances under which a claim can be lodged
June 13, 2011
The Fund is applied to reimburse persons who have suffered pecuniary loss by reason of theft of trust money by an estate agent (Section 18).
Establishment of the Fund (Section 12)
June 13, 2011
The Estate Agency Affairs Act provides for the establishment and control of the Estate Agents Fidelity Fund which fund is controlled and managed by the Board.