Changes to residential property sale contracts
17 August 2010
The amendments to the Property Agents and Motor Dealers Act 2000 and the Body Corporate and Community Management Act 1997 contained in the Property Agents and Motor Dealers and Other Legislation Amendment Bill 2010 currently before Parliament are stated within the Bill to commence on 1 October 2010.
- 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; and
- 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 may also wish to refer to the Lexon alert of 28 June 2010.
Given the large number of Bills in Parliament at present, Queensland Law Society has asked the Minister to ensure that there is sufficient time between the legislation being passed in the House and its commencement to allow members to prepare for the transition. We will advise members of any developments.
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 Far North Queensland Symposium on 19-20 November as well as in the Property Law Conference on 25-26 November.