New property legislative scheme to commence on 1 December 2014
17 November 2014
The Attorney-General and Minister for Justice Jarrod Bleijie MP has announced 1 December 2014 as the commencement date for the four pieces of legislation that will replace the current Property Agents and Motor Dealers Act 2000 (PAMDA). They are:
The Attorney-General has also announced that the Land Sales and Other Legislation Amendment Act 2014 will commence on 1 December, in line with the Property Occupations Act 2014.
All practitioners should note the implications for relevant contracts under the Property Occupations Act 2014
The transitional provisions of the Property Occupations Act 2014 can be found in Part 14. Specifically, s.267 provides the provisions of PAMDA will continue to apply to relevant contracts entered into prior to 1 December 2014. This means that if a relevant contract and disclosure statement was issued prior to 1 December 2014, then unless the contract has been signed by both parties and the buyer notified by 30 November, the seller will need to re-issue the documents in the new form required under the Property Occupations Act 2014 (or the amended BCCMA or LSA).
The commencement of the Property Occupations Act 2014 means there will be significant changes to the prescribed forms that currently exist under PAMDA. Importantly:
- The PAMDA Form 30C Warning Statement will no longer exist. Instead a statement will be written in the contract above the buyer’s signature;
- The PAMDA Form 32a Lawyers Certificate for waiving or shortening the cooling off period will no longer exist
The full list of new prescribed forms which will apply after 1 December 2014 are now available from the Office of Fair Trading website.
For any enquiries from real estate agents, reference should be made to the REIQ website and to the Office of Fair Trading website for more information.