Steve Moran Real Estate

Posts Tagged ‘PAMD’

Source REIQ

Following the culmination of months of hard work and ongoing consultation between the REIQ and government, the Property Agents and Motor Dealers and Other Legislation Amendment Bill 2010 was last night passed in Parliament.

The government liaised extensively with the REIQ throughout the process and since early August the REIQ has urged the government, including representation to the Premier, to have the legislation debated and passed so that an orderly introduction can occur on 1 October.  The government continues to recognise that the REIQ vigorously and professionally puts forward the concerns of its members.  This process has reinforced the REIQ’s position as the peak professional body which the government consults with first and last.

The amendments simplify Chapter 11 by removing the overly prescriptive requirements for the presentation and delivery of proposed residential property contracts.

Major improvements include:

• A ‘once only’ requirement to give a clear statement to the buyer directing the buyer to the warning statement and the proposed relevant contract. The buyer must sign the warning statement before the contract is signed;
• The warning statement must be attached to the contract but there will be no prescribed order of documents;
• A right to terminate a contract if the buyer is not given a clear statement directing their attention to the warning statement and proposed contract at the time of giving the proposed relevant contract to the buyer. If the warning statement is not attached to the proposed contract then a clear statement has not been given;
• A buyer will have the earlier of 90 days or up to the date of settlement to terminate, but if the buyer has signed the warning statement they will be considered to have had their attention drawn to it and will no longer have a right to terminate.

The amendments establish the rights of buyers with contracts which have not settled when the revised requirements take effect. Those buyers will only be able to terminate after commencement if there has been a failure to draw the buyer’s attention to the warning statement, or information sheet if an apartment sale, and contract documents and this right exists up until settlement of the contract, capped at the 90-day limit. Existing rights to terminate for technical breaches, such as documents being delivered in the wrong order will cease when the new legislation takes effect.

The Body Corporate and Community Management Act 1997 has also been amended, to reflect the changes in Chapter 11.

Other amendments include:

• Removal of the requirement for a registered employee to notify their employer’s name to Fair Trading;
• Removal of the requirement for employment authorities;
• Removal of the requirement for notification of an intention to open a trust account – the requirement to notify account details once opened remain; and
• Removal of a requirement for an applicant for a resident letting agent’s licence to have obtained body corporate approval at the time of application for the licence.

With a commencement date of 1 October 2010, it is imperative that those in the profession are aware of what is required under the new legislation and how to prepare.  The REIQ will be holding educational forums throughout the State which will provide further information on these amendments as well as other impending legislative updates.  All members are encouraged to attend these sessions in order to gain a full understanding of the changes.

Click here for more information on upcoming sessions in Brisbane, Sunshine Coast, Gold