Amendments to PAMDA and BCCM regarding residential property sale contracts passed
18 August 2010
The Property Agents and Motor Dealers and Other Legislation Amendment Bill 2010, which amends the Property Agents and Motor Dealers Act 2000 and the Body Corporate and Community Management Act 1997, was passed in State Parliament last night. While some minor amendments to the Bill were made in the consideration in detail stage, the Bill still states that it commences on 1 October 2010. A final version of the Bill should be available from the Queensland Legislation website later today.
The Bill not only:
- implements from commencement a new system for the formation of residential sales contracts including new requirements for use of the PAMDA 30c Warning Statement and the BCCMA Form 14 Information Statement and altered rights of termination for buyers for procedural deficiencies; but also
- from commencement, affects and limits rights of termination under pre-amendment contracts still on foot (see new sections 645 – 649 of PAMDA and 369 – 373 of the BCCMA)
Members should consider how these amendments will affect existing contracts and the rights of their clients and provide advice accordingly.
Members insured by Lexon will be receiving a risk alert shortly providing a letter that may assist in managing transitional risk associated with the reforms.
The amendments will be the subject of a Queensland Law Society seminar on 30 August and an integral part of this year's Annual Residential Conveyancing Conference on 3 September. An update on the changes is also included in the North Queensland Symposium on 19-20 November as well as in the Property Law Conference on 25-26 November.