This information has been provided by
Australian law firm, Australian Conveyancing Services and is applicable in Queensland
only.
Introduction
The Property Agents & Motor Dealers Act 2000, came into force in 2001 (with various last-minute amendments in October 2001) (the “Act”). The Act has changed the landscape of buying and selling real estate in Queensland.
This article talks about how the new law affect
buyers. For information on how the Act affects sellersclick
here.
Purchasing Property
The new rules now require an Agent to give you as Buyer certain forms
BEFORE you sign a Contract. These forms advise you of various legal
rights you have (some of which are new, like the cooling off period).
1) PAMD Form
27b – Agent’s
Disclosure
This form requires the Agent to disclose any relationship or benefit they have with any other party that they referred you to (for instance if they have referred you to a financier, or their own Solicitor). The form is designed to give you full disclosure of who the Agent is referring you
to and
why.
You will need to sign this form as Buyer.
2) PAMD Form
30b – Warning Statement
(to obtain independent legal advice and
valuation)
This form needs to be signed by you as Buyer BEFORE you sign a
Contract. Essentially the form is a Warning Statement that recommends
that you do certain things before you sign the Contract.
These important matters include:
A recommendation to seek independent legal advice
A recommendation to get a valuation of the property you
are intending to buy
It talks about the cooling off period, when it starts and finishes. See our
article on Cooling Off Period
You should read the warning statement carefully before signing.
If you are given a contract without a government warning statement, do not proceed and seek legal advice. If the warning statement is not signed, witnessed or not given at all, you have the right to terminate the contract.
3) PAMD 31a – Cooling Off period form
(now abolished)
The previous requirement for special PAMD forms to be delivered has been
removed as of 24 April 2002. For more information on the new Cooling
off period in QLD, see our
article.
