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Johannesburg - Because of the increasing irregularities among estate agents, the Estate Agency Affairs Board (EAAB) will launch an investigation into each of the 27 769 individual estate agents and 5 826 registered estate agencies across the country.
The board will ensure that the results of the investigation are disclosed to the public, said EAAB spokesperson Portia Mofikoe.
This comprehensive investigation comes in the wake of the recent property scandal in which Wendy Machanik allegedly used millions held in a trust account for her clients for her own ends.
More cases of possible irregularities have since come to light.
In the past week Leapfrog Property Group cancelled its agreement with a franchisee in Cape Town with immediate effect after a spot audit of its countrywide network of 50 franchises showed that that franchisee's trust account did not balance.
Leapfrog reported the person to the EAAB and obtained control over the administration and closure of the enterprise, said Leapfrog chief executive Jan le Roux in a statement.
The EAAB will also launch an investigation into the Seeff Fractional Ownership debacle after a forensic investigation by Seeff Property Services revealed irregularities.
Among other things, these involved mortgages allegedly being taken out on some of the sectional title properties and supposedly being transferred to do some of the other properties as loans.
Mofikoe said the board was looking at determining the involvement of Seeff Properties and Henry Greyling of Seeff Jakaranda.
His licence from Seeff Fractional Ownership had meanwhile been suspended.
But, said Mofikoe, it was still to be determined whether this issue fell within the board's jurisdiction.
- Sake24
For business news in Afrikaans, go to Sake24.com.
The board will ensure that the results of the investigation are disclosed to the public, said EAAB spokesperson Portia Mofikoe.
This comprehensive investigation comes in the wake of the recent property scandal in which Wendy Machanik allegedly used millions held in a trust account for her clients for her own ends.
More cases of possible irregularities have since come to light.
In the past week Leapfrog Property Group cancelled its agreement with a franchisee in Cape Town with immediate effect after a spot audit of its countrywide network of 50 franchises showed that that franchisee's trust account did not balance.
Leapfrog reported the person to the EAAB and obtained control over the administration and closure of the enterprise, said Leapfrog chief executive Jan le Roux in a statement.
The EAAB will also launch an investigation into the Seeff Fractional Ownership debacle after a forensic investigation by Seeff Property Services revealed irregularities.
Among other things, these involved mortgages allegedly being taken out on some of the sectional title properties and supposedly being transferred to do some of the other properties as loans.
Mofikoe said the board was looking at determining the involvement of Seeff Properties and Henry Greyling of Seeff Jakaranda.
His licence from Seeff Fractional Ownership had meanwhile been suspended.
But, said Mofikoe, it was still to be determined whether this issue fell within the board's jurisdiction.
- Sake24
For business news in Afrikaans, go to Sake24.com.
