The proposed changes will see the replacement of PAMDA with four new pieces of legislation that are industry specific. Collectively referred to as the draft 'Agents Bills 2013', the four proposed Bills are:

By clicking on these links, you can view the proposed Bills.

Of note to the property sector are the following proposals contained in the Property Occupations Bill 2013:

  • The Form 30C - Warning Statement is to be abolished.
  • The Body Corporate and Community Management Form 14 is to be abolished.
  • A requirement will be introduced for sellers to include a consumer protection statement immediately above each signature panel on each page the buyer signs the contract, which draws the buyer's attention to the five day cooling-off period and recommends the buyer seek independent legal advice.
  • The consequences for failing to provide the requisite consumer notice will constitute an offence but will not create a statutory right for the buyer to terminate the contract.
  • The disclosure requirements for selling agents to buyers and sellers appear largely unchanged.
  • The strict requirements regarding the provision of lawyer's certificates remain.

There is no predicted commencement date for the draft Agents Bills at this stage.

The draft Agents Bills are open for public comment. The consultation period ends at 5.00 pm on Monday, 11 March 2013.

Winner – EOWA Employer of Choice for Women Citation 2009, 2010, 2011 and 2012
Winner – ALB Gold Employer of Choice 2011 and 2012
Finalist – ALB Australasian Law Awards 2008, 2010, 2011 and 2012 (Best Brisbane Firm)
Winner – BRW Client Choice Awards 2009 and 2010 - Best Australian Law Firm (revenue less than $50m)

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.