RELIEF FOR ESTATE AGENTS WHO HAVE COMPLIED WITH THE ESTATE AGENCY AFFAIRS ACT FOR THE ISSUE OF A FIDELITY FUND CERTIFICATE
The Supreme Court of Appeal handed down a judgement on 10th June 2020 which states that if an estate agent and/or agency has complied with all the provisions of the Estate Agency Affairs Act in relation to a fidelity fund certificate being issued, then such an estate agent and/or agency will be considered as having been in possession of such certificate notwithstanding the fact that the Estate Agency Affairs Board may not yet have physically issued such a certificate.
This means that an estate agent and/or agency which is not in possession of a fidelity fund certificate at the time of concluding a transaction, due to an error or default on the part of the Estate Agency Affairs Board, will be entitled to claim its commission.
Written by: Venilla Govender
