It’s finally here! The ‘PROPERTY OCCUPATIONS ACT’ in Queensland.
With this new Act comes some significant changes, specifically there are a range of new documents being introduced. Among many of the changes, the one that stands out most to me, and the one I feel will have the most impact and create problems will be the changes to the Appointments to Act and the Sale Documentation.
I can see that the changes to the below documents will cause the most amount of disruption in day to day business.
The Form Changes which will impact immediately:
Appointments to Act – incorporating them into just one form, now known as the ‘FORM 6’.
FORM 27c – Selling Agents Disclosure to Buyer – replaced with the ‘FORM 8’.
FORM 30c – Warning Statement has been removed and replaced with a Statutory Statement on the Signing Page of the Contract of Sale.
When I conduct my licencing courses for COMPLETE PROPERTY TRAINING, what I instil into new entrants to the industry are 3 Simple things to ensure compliance and build confidence:
Read the Forms & Follow the Instructions
Subscribe to the OFT, REIQ, RTA
Attend any Training Offered
I know these 3 points seem too simple and perhaps obvious, but what I have experienced is that we (human beings) tend to skim documents. With so many changes it is imperative that we increase our attention to detail and take the time & make the effort in familiarising ourselves with the changes to ensure that we:
a) Don’t Misrepresent;
b) Don’t Breach the Act;
And last, but definitely not least
c) GET PAID!!
You can find more information at the Office of Fairtrading website.
One of the Great things about selling property in Qld is that we use Standard Government Documents which give consumers confidence, whether they be Buyers or Sellers. I believe the confidence comes from consumers having a familiarity with the forms as they have been consistent for a very long time. One things that shakes confidence in anything is change.
Looking ahead with having significant changes made to documentation, I believe it will, in the short term at least, slow down the listing and selling process. The single biggest objection we are going to face will be:
‘These forms are different, I think I want my solicitor to look them over….’
“No Problem at all, take as much time as you need…where would you like me to send them?….But before I do, can I Ask, what is it in particular about these Standard Government Documents, which I’m confident were drafted by some of the best legal minds in the Country, designed specifically to protect the consumer that you are unsure about?”
Try it out and please share your success stories!
Disclaimer: the information provided above is the opinion only of Real Estate Dominance and is not legal advice and should not be relied upon. You are encouraged to make your own investigations and seek independent legal advice.
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