After much speculation about a commencement date, it has now been announced that the Property Occupations Act 2014 will come into force on the 1st December 2014.
The introduction of the Property Occupations Act 2014 (‘POA’) is an effort to simplify the often complicated process of residential conveyancing and attempt to reduce the red-tape associated with conveyancing transactions. The POA will repeal the Property Agents and Motor Dealers Act (PAMDA), and simplify the process whilst still maintaining a high degree of protection for consumers.
Some of the main changes include:
- The removal of the requirement for a separate warning statement to be attached to the front of the contract – instead a prescribed statement regarding the contract will be inserted above where the buyer signs the contract;
- Buyers will be able to reduce or waive the cooling off period without the need for a lawyers certificate (although we would strongly recommend that a buyer obtain legal advice prior to doing so);
- There will be a simplified process for engaging a real estate agent to sell your property;
- Real Estate Agents commission charges will be de-regulated and there will be no maximum commission charge – this means that if you are selling property, you can negotiate with the Real Estate Agent in respect of the commission payable for the sale of your property.
Of course the impending changes as a result of the new legislation are many and varied, so if you have any queries about how the POA may affect you or your business, please do not hesitate to contact one of our friendly Gold Coast Lawyers on 07 5563 8970.