Introduction of the Property Occupations Act 2014
Property Occupations Act 2014 REIQ Training
On 1 December 2014, the Property Agents and Motor Dealers Act 2000 (PAMDA) will be repealed and replaced with new industry specific Acts.
The new governing legislation for the property industry will be the Property Occupations Act 2014.
Key changes for the property industry under the Property Occupations Act 2014 include:
• changes to licensing types
• streamlining home sales contracts and statements
• de-regulation of real estate commission
• de-licensing of property developers
• changes to the cooling-off period
• clarifying the ban on advertising of auction prices
• a reduction in the number of forms.
What does it mean to you?
Whether you are thinking of buying your first home or selling your residential home, are a property investor or are a property developer operating in Queensland, you will be positively impacted by the introduction of the Property Occupations Act 2014 on 1 December 2014
The current legislation governing residential transactions, the Property Agents and Motor Dealers Act 2000 (Qld) (PAMDA), imposes a great deal of red tape when buying or selling in Queensland. The proposed Property Occupations Act 2014 is set to reduce the red tape.
De-regulation of real estate commission is one of the key introductions of the new legislation. Currently, the law allows for vendors and agents to negotiate what the commission will be, but this is capped at a maximum amount. A deregulated system means that vendors are more likely be able to negotiate with agents about their commission and align it with the proposed real estate service.
If you would like to know more about the upcoming changes, please feel free to call me
Office of Fair Trading says
Property agents
Licence types
Property developers will not need a licence.
Auctioneers will need an auctioneer licence under the Property Occupations Act 2014 to hold read more
