Real estate shake up!
Last week the Minister of Police and President of the Police Association made on the record comments to the media alleging that “Police are arresting lawyers, accountants, real estate agents….” and that “behind the scenes is the lawyers, accountants and real estate agents that are laundering [gangs] money”.
Real estate agents ordered to repay thousands of dollars after double dipping on commission
Auckland businessman jailed for multi-million dollar fraud which funded luxury lifestyle
Real estate agents now liable to $100,000 payouts for misinformation!
Kevin Lampen-Smith – chief executive of industry regulators the Real Estate Authority – said there had been cases where buyers and sellers lost money due to unsatisfactory agent conduct and the new law closed that gap.
“The whole purpose of the Act was to lift professionalism in the industry but also provide a process by which the public could seek redress for the losses they have occurred,” he said.
But while the new law fills a gap for consumers, it wasn’t likely to open a floodgate of compensation payouts.
Over the past decade, agents committing misconduct had only ever been ordered to pay compensation in 10 cases.
We Are Proud of You!
#SiyaKolisi first black South African captain. Grew up in Port Elizabeth township, raised by his grandmother, slept on cushions. Watched 2007 victory in a tavern. Great speech after game, seeing bigger picture, mentioning unrest, homeless, taverns, sheebeens and that together his country could achieve anything. Hopefully, his vision for his country will come to pass. Huge humility, profound message and great leadership.
TEAM MARS REALTY
LAND SIZE 101.894 HECTARES
New Tenancy Laws…
Are they asking to much?
New rules take effect for rental property market
Liability for damage
One of the most significant addresses the question of who pays for accidental damage to a rental property.
This has been a contentious issue since a court ruled that tenants should be able to rely on their landlords’ insurance – effectively meaning that investors had to carry the cost of any accidental damage.
More rules for tenancies in “unlawful” properties such as garages and sleepouts.
At the moment, people who rent a garage or sleepout sometimes do not get the protection of the Residential Tenancies Act.
The change amends the definition of a residential premises so that regardless of whether or not the property is legally allowed to be lived in, tenants can still go to the Tenancy Tribunal and Tenancy Services can take enforcement action.
The New laws!
1 July 2019 is an important date for landlords, property managers and tenants. The deadline for installing ceiling and underfloor insulation has now passed, and the healthy homes standards have become law.
Insulation is now compulsory in rental homes
Healthy homes standards are now law
The healthy homes standards introduce specific and minimum standards for heating, insulation, ventilation, moisture and drainage, and draught stopping in rental properties. All private rentals must comply within 90 days of any new or renewed tenancy after 1 July 2021, with all private rentals complying by 1 July 2024.
All you need to know about healthy homes is in the link below!