With the Property Agents and Motor Dealers Act (“PAMDA”) repealed earlier in the year and new legislation passed, there has been a period of uncertainty about when the new laws would come into effect and exactly what the changes would mean to Real Estate Agents.
PAMDA has been replaced by four new pieces of legislation:
- Property Occupations Act 2014;
- Motor Dealers and Chattel Auctioneers Act 2014;
- Debt Collectors (Field Agents and Collection Agents) Act 2014; and
- Agents Financial Administration Act 2014.
Queensland’s Attorney-General has now announced that these four pieces of legislation, along with the Land Sales and Other Legislation Amendment Act 2014 and the Property Occupations Act 2014 will come into effect from 1 December 2014.
These new laws are a fundamental shift for the way the buying and selling of property in Queensland is conducted and will have a direct affect on you as a Real Estate Agent.
What changes do Real Estate Agents need to be aware of?
We’ve highlighted the following changes that you need to be aware of:
- The PAMDA Form 30c Warning Statement has been made obsolete and is no longer to be included with a Contract of Sale, instead a statement is to be inserted directly above the buyer’s signature in the Contract.
- The PAMDA Form 32a Lawyer’s Certificate is no longer required to for the waiving or shortening of the cooling-off period by the Buyer.
- An exclusive Agency term of appointment has been extended to a maximum of 90 days, rather than 60 days. It can be terminated by the seller after 60 days though.
- There is no longer a cap on the amount of commission an Agent can receive and Agent’s are free to negotiate any amount with a client.
- Agents are no longer required to disclose to the buyer the amount of commission they are receiving for the sale of the property.
- Auctioneers will need to hold a new license under the Property Occupations Act 2014 to hold property auctions and trainee auctioneers will no longer be recognized.
- Agents are no longer required to display a copy of their licence to the public in their office.
PAMDA provisions will continue to apply to any Contract that is entered into prior to 1 December 2014, however if a contract is not fully executed by this date it will need to be redrafted under the new laws.