Page 17 - Waterfall City Issue 4 April 2024

Agents will receive training and must be mandated by the
landowner before being allowed to market properties in the
mature lifestyle estates. Q: How does the accreditation process
work?
Q: Why has Waterfall City Management A: For an estate agent to be accredited, the following
Company put an accreditation process in process is followed:
place for estate agents and what are the • Contact agents@waterfall.co.za and indicate which
benefits to residents? estates they want to be accredited for.
A: It is a requirement of the registered notarial leases, agreed • The agency and nominated agents must complete
to by the leaseholders, that leaseholders may only use agents specific documents, which include a Panel of Resale
appointed to a panel by the landowner to sell their residential Agents Agreement and POPI declarations, among others.
leasehold rights. These steps allow Waterfall City Management Company
to lawfully process information and ensure compliance
Waterfall City’s leasehold structure is unique, and we have with legal processes and other requirements.
found that it is imperative to train estate agents on the model • Waterfall City Management Company requires up-to-
to safeguard the rights of all stakeholders involved, specifically date Fidelity Fund Certificates for both the agency and
sellers and purchasers. We provide template agreements to the each agent seeking panel appointment.
accredited agents to avoid incorrect sales, which could lead to • Nominated agents must undergo Waterfall City
unenforceable sales, litigation and unhappiness of parties who Management Company Estate Agent Panel Training.
did not understand the transactions and its intricacies. • Template Agreements are provided to the accredited
agents and must be used to ensure that the rights of
Estate agents must grasp how the structure works, as they all stakeholders (seller, purchaser, landowner, banks
are often the first point of contact for prospective residents or etc.) are secured and a valid sale of leasehold rights is
investors. This understanding prevents property transactions concluded.
and cessions of residential property rights from occurring
incorrectly and ensures that purchasers fully comprehend the Once these steps are completed, the agent and agency
nature of their investments. To achieve this, free training is receive accreditation valid for that calendar year.
provided to all estate agents seeking to work in Waterfall City.
All agents are welcome to apply. It is important to note that all estate agents need to
renew their accreditation annually, and that they are only
The accreditation process holds numerous benefits for accredited for the estates they applied and qualified for.
residents. It firstly simplifies their choices when appointing an Accreditation to one estate does not automatically mean
agent for property sales. Agencies and their nominated agents that an estate agent is accredited to another estate.
are required to present valid FFC certificates, and therefore the
provided panel allows residents to choose an informed estate Q: Where is the list of accredited estate
agent, who is compliant with the Property Practitioner’s Act, agents shared and do residents have access
has a valid FFC and has been trained on the leasehold resale to it?
process. A: The list can be accessed on the Waterfall City Community
Portal, under the ‘contacts’ section and is also included in the
Secondly, accrediting estate agents in Waterfall City enhances Waterfall City Magazine. In addition, residents can request
resident safety. Waterfall City takes pride in its world-class the latest list from agents@waterfall.co.za.
security infrastructure, and to maintain this level of security, it
is crucial to vet estate agents. By doing so, it reduces the safety Q: How often is this list updated?
risks of unlicensed and illicit individuals posing as estate agents A: The list is updated on a regular basis, as estate agents are
gaining access to the estate. accredited and added, or removed.

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