PAMDA Overhaul Looms Closer
Significant changes to the current PAMDA arrangements are moving closer with the Queensland Property Occupations Bill 2013 expected to be passed by State Parliament in the coming months.
The Bill is one of four which will split the current Property Agents and Motor Dealers Act 2000 (PAMDA).
Some of the more significant changes proposed by the Bill include:
- abolishing the Form 30C Warning Statement and removing the requirement to provide a Body Corporate information sheet for lots in a community titles scheme;
- removing the requirement to direct a buyer to a warning statement, Body Corporate information sheet or contract;
- removing a buyer’s right to terminate the contract if the required disclosure regarding the cooling off period and termination penalty is not included in the contract or is included in the wrong spot. Instead, the seller or seller’s agent will be liable for a penalty of up to $22,000;
- removing the requirement for a buyer to provide a Form 32a Lawyer’s Certificate if they wish to waive or shorten the cooling off period;
- simplifying the definition of ‘residential property’ which in turn clarifies the circumstances in which the legislation will apply; and
- removing the cap on the maximum commission which an agent can charge in relation to a residential property transaction.
If you are involved in the real estate industry and would like to know more about the changes once the new legislation is passed, we encourage you to contact us about information sessions for you and your staff.
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