Legislation change from 1 December 2014.
The anticipated changes to the much criticised PAMDA legislation are about to become law as from 1 December 2014. Agents, Lawyers and industry participants are eagerly awaiting the proposed changes.
It had been announced that from 1 December 2014 the Property Agents and Motor Dealers Act 2000 (PAMDA) would be replaced by four pieces of new legislation.
In addition to the above the Attorney-General has also announced that the Land Sales and Other Legislation Amendment Act 2014 will come into effect from 1 December 2014 in conjunction with the Property Occupations Act 2014.
What does this mean for you?
1. The PAMDA form 30c Warning Statement will now become extinct and in its place will be a statement written in the contract above the buyer’s signature.
2. The PAMDA form 32a Lawyers Certificate waiving or shortening the cooling off period will also become a thing of the past and not required.
3. PAMDA provisions will continue to apply to relevant contract entered into before 1 December 2014. Although if a contract has not been signed by 1
December 2014 the seller will need to re-issue the contract and disclosure statement in its new form required under the Property Occupations Act 2014 (or the amended BCCMA or LSA).
4. The maximum term of appointment for sole or exclusive agency will change from 60 days to 90 days. However appointments that are for 90 days may be terminated after 60 days.
5. “Commission Cappping” is now obsolete and agents will now be able to negotiate any commission with their clients.
6. Some license classes will now be deregulated.
7. Agents will no longer need to disclose to the buyer how much commission they receive from the seller.
8. Auctioneers will need an auctioneer license under the Property Occupations Act 2014 to hold real property auctions. Trainee auctioneers will no longer be recognized and will not be able to conduct an auction without a full auctioneer license.
9. You will also not be required to display a copy of your license to the public in the office or keep an employment register.
To access a full list of the new prescribed forms, which will come into effect after 1 December 2014, or any further information see – www.fairtrading.qld.gov.au Office of State Revenue Queensland is also offering information sessions on youtube to ensure that everyone is informed on the update. See – https://www.youtube.com/user/FairTradingQLD
If you have any queries regarding buying or selling of property or issues that any clients may have, please do not hesitate to contact our Lawyers direct or alternatively, contact our Department Manager, Holly Gilholme on direct line 07 5506 8202, mobile 0402 264 525 or Freecall 1800 621 071 or email [email protected] and Holly will direct you to the appropriate Lawyer in our Property and Commercial Team or make a free initial appointment.