On 1 December 2014, the Property Agents and Motor Dealers Act 2000 (PAMDA) was replaced by four pieces of legislation being Property Occupations Act 2014 (POA); Motor Dealers and Chattels Auctioneers Act 2014; Debt Collectors (Field Agents and Collection Agents) Act 2014; Agents Financial Administration Act 2014.
With the commencement of the POA, there have been many changes to the prescribed forms required under PAMDA including:
- PAMDA Form 30C Warning Statement no longer exists – this statement will now be found in the new REIQ Contract of Sale above where the Buyer signs;
- PAMDA Form 32a Lawyers Certificate for waiving or shortening the Cooling Off Period no longer exists.
Other changes to the REIQ Contract of Sale include:
- Title Encumbrances (ie Easements etc) must be stated on the Contract. It is not sufficient to state “refer to title” or “search will reveal”.
- The new contract goes further to re-define the terms, “Keys”, “Bank” and “Business Day”.
- Further, for it allows for the time of receipt for when notifications are given by email.
If you are thinking of buying or selling a house or residential land, please do not hesitate to contact us.