Erasmus Shalihaxwe
Popular Democratic Movement Member of Parliament Elma Dienda has raised various concerns in the recently introduced Property Practitioner’s Bill.
The Minister of Industrialisation and Trade, Lucia Iipumbu proposed the bill to the National Assembly for further debate two weeks ago.
The Bill Contains the Fidelity Fund Certificate, which aims to protect consumers against the theft of money entrusted to a property practitioner, among other proposed changes in the real estate industry.
“This part of the bill also deals with the consequences of a property practitioner not having a Fidelity Fund Certificate. The bill also places an obligation on transferring attorneys or conveyancers to satisfy themselves whether a property practitioner has a valid Fidelity Fund Certificate before conducting and concluding any transaction,” Iipumbu said.
Iipumbu said that in terms of the bill, once a Fidelity Fund Certificate is issued to a property practitioner, should that property practitioner then steal money held in trust, the consumer can claim the money back from the fidelity fund.
Last week in Parliament, Dienda said the bill contains various loopholes that need to be addressed, such as the lack of formal qualification requirements for Property Practitioners, and this undermines the profession of Estate Agents.
According to her, qualifications and skills training are always a good thing, as one will know that Property Practitioners have taken the time to study and pass examinations on the subject of selling property, relevant property laws, ethics, integrity, business laws, and other relevant subjects.
This she said can reassure property owners if they have chosen qualified agents to sell or administer the renting out of their properties.
‘’Because of the absence of the requirement to formalise and introduce formal qualifications for Property Practitioners in this Bill, the industry of Property Practitioners is not respected enough by the consumers, stakeholders and by the Practitioners themselves. We therefore need a complete overhaul of the practicing requirements of Property Practitioners,’’ said Dienda.
She also cautioned that the situation of Real Estate Agents in Namibia has reached concerning levels, with constant conflict between Agents, owners of rental properties and tenants.
Dienda said she has witnessed many instances where Real Estate Agents refuse to pay the deposit back to the tenants when they move out or vacate the premises.
‘’This has caused a terrible working relationship between Real Estate Agents, owners of rental property and tenants. This has caused people not wanting to work with Real Estate Agents, undermining the entire industry,’’ she argued.
