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, dictates what additional forms are required when buying or selling a property in Queensland. It contains important rules regarding cooling off and for Real estate agents.
This article talks about how this law affects
buyers. For information on how the Act affects sellersclick
here.
Purchasing Property
This legislation states that prior to entering into a contract that you must review and sign certain other disclosures and warning. This enables you as the Buiyer to be fully aware of your rights and obligations under the contract which you are about to enter. There forms are set out below.
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
30c – 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.
We recommend that you purchase the Quicklaw kit prior to entering into the a contract to purchase as the kit will take you through these forms in greater detail while informing of your rights and obligations under the contract.
