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QLD - PAMDA

avatarLEAP
On 1 December 2014, the Property Agents and Motor Dealers Act 2000 (PAMDA) will be repealed and replaced with new, industry-specific Acts. New Forms As a consequence, the following two forms have been added to LEAP for use FROM 1 DECEMBER 2014:
  • Form 7 – Disclosure of beneficial interest to the seller USE FROM 1 DEC (LL-QLD-PR286);
  • Form 8 – Disclosure to prospective buyer USE FROM 1 DEC (LL-QLD-PR287).
Existing Forms The following forms are still available in LEAP but have been renamed by adding the words “USE UNTIL 30 NOV� to eliminate any confusion. These forms will be removed from LEAP on 1 December 2014:
  • Form 27c – Selling agent's disclosure to buyer USE UNTIL 30 NOV (LL-QLD-PR093);
  • Form 28 – Disclosure of beneficial interest to seller USE UNTIL 30 NOV (LL-QLD-PR277);
  • Form 30c – Warning statement USE UNTIL 30 NOV (LL-QLD-PR095);
  • Form 32a – Lawyer's certifications USE UNTIL 30 NOV (LL-QLD-PR097).
Warning Statement In anticipation of the new laws coming into effect on 1 December, a statement that "The contract may be subject to a 5 business day statutory cooling-off period. A termination penalty of 0.25% of the purchase price applies if the buyer terminates the contract during the statutory cooling-off period. It is recommended the buyer obtain an independent property valuation and independent legal advice about the contract and his or her cooling-off rights, before signing." (source: Office of Fair Trading website) has been added directly above the space for the buyer's signature in the following forms:
  • Reference Schedule – QLD Contract for Houses Land (LL-QLD-PR101);
  • Reference Schedule – QLD Contract for residential lots in CTS (LL-QLD-PR102).

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Blog Article: QLD - PAMDA