Commencing today, 1 December 2014, the Property Agents and Motor Dealers Act 2000 (PAMDA) has been replaced by the following four pieces of legislation:
The Attorney-General and Minister for Justice Jarrod Bleijie MP has also announced that the Land Sales and Other Legislation Amendment Act 2014 will commence next Monday 8 December.
Significants of the POA
The POA introduces a number of significant changes which will affect sales contracts and real estate agent appointments, amongst other things. In particular practitioners should note PAMDA:
No Transitional Timeline
There is no transitional timeline for the commencement of the POA.
Buyers and sellers of property should be aware that as of today all property contracts will be governed by the new provisions under the POA.
Sellers must re-issue all contracts and disclosure statements issued before 1 December 2014 in the new prescribed forms under the POA and accompanying regulations.
Property developers must also comply with new disclosure obligations while cooling off periods may no longer be available to certain public companies.
For further information on this publication please contact: