COMMISSION FOR AGENT-BROKER-CONSULTANT-ADVISER-AGENCY IN SOUTH AFRICA
In accordance with Section 34 A of the Estate Agency Affairs Act 112 of 1976. Section 1(vi) provides that;
Anyone who practices as an agent-broker-consultant-adviser-agency in South Africa who is not in possession of a valid Fidelity Fund Certificate, disqualify from claiming any commission, consulting fee or referral fee on the relevant dealings if he/she/they do not hold a valid Fidelity Fund Certificate. No party is entitled to any commission, consulting fee or referral fee unless he/she/they hold a valid Fidelity Fund Certificate. Failing they are operating fraudulent and illegal.
The seller will have to properly account to SARS for any fees; and provide SARS with proof that the agent-broker-consultant-adviser-agency they paid the commission, consulting fee or referral fee too, had a valid Fidelity Fund Certificate. Failure to do so could prove to be very costly!
If there is any doubt as to whether or not an agent-broker-consultant-adviser-agency have a valid fidelity fund certificate, do not hesitate to contact the Estate Agency Affairs Board or your Attorney to confirm and verify the registration status.
Visit the Estate Agency Affairs Board website for more details. https://www.eaab.org.za/