BY MBONO MDLULI
MBABANE – Real estate agents will have to ensure they are ethically upright in their business dealings, as they might find themselves having to pay a fine of up to E250 000 for misconduct.
The Ministry of Housing and Urban Development is in the process of tabling a legislation in Parliament that will oversee the operations of the real estate industry. The Estate Agents Bill, 2023 seeks to close in on loopholes that might have a potential to allow people to break the law.
According to Director of Housing Bhekithemba Matsebula, the legislation seeks to ensure that money laundering is dealt away with in this industry. He said people who would want to pay huge amounts of money to buy pieces of land and buildings should ensure that such amounts could be accounted for.
He said a person could not be allowed to pay an amount of E1 million from a briefcase to buy land or a house, for instance. Matsebula further mentioned that there would also be a board that will ensure ethical practices between the players in the industry.
Matsebula also stated that the Bill would seek to removed what he termed as dual representation. This is an act whereby an estate agent represents both a buyer and a seller in a property transaction. If a person does that, according to Matsebula, a fine of E60 000 will be imposed on that person, if not imprisoned for 12 months. The legislation also allows for such a person to be forced to pay the above-mentioned fine and be imprisoned for the 12-month period.
