New Property Legislative Scheme to Commence on 1 of December 2014
Updated: Mar 6
The Queensland Government has announced the commencement date for the four pieces of legislation that will replace the current Property Agents and Motor Dealers Act 2000 (PAMDA) to be 1 December 2014. They are:
Agents Financial Administration Act 2014
Property Occupations Act 2014
Motor Dealers and Chattel Auctioneers Act 2014
Debt Collectors (field Agents and Collection Agents) Act 2014); and the
The Land Sales and Other Legislation Amendment Act 2014 will also commence on 1 December, in line with the Property Occupations Act 2014
Implications for contracts
The transitional provisions of the Property Occupations Act 2014 can be found in Part 14 of the Act. Section 267 provides the provisions of PAMDA will continue to apply to relevant contracts entered into prior to 1 December 2014.
This means that if a relevant contract and disclosure statement was issued prior to 1 December 2014, then unless the contract has been signed by both parties and the buyer notified by 30 November, the seller will need to re-issue the documents in the new form required under the Property Occupations Act 2014 (or the amended BCCMA or LSA).
The commencement of the Property Occupations Act 2014 means there will be significant changes to the prescribed forms that currently exist under PAMDA. Importantly:
The PAMDA Form 30C Warning Statement will no longer exist. Instead a statement will be written in the contract above the buyer’s signature;
The PAMDA Form 32a Lawyers Certificate for waiving or shortening the cooling off period will no longer exist