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30 AUGUST 2010 – PAMD ACT CHANGES TO CONTRACT PROCESS – EFFECTIVE 1 OCTOBER 2010

30 AUGUST 2010 – PAMD ACT CHANGES TO CONTRACT PROCESS – EFFECTIVE 1 OCTOBER 2010

Q.Has there been a change to the process of preparing and signing contracts?

A. Not yet but changes have been made which will take effect from 1 October 2010. Until that date the existing processes remain the same.

The amendments which commence 1 October 2010 relate to simplifying the process of entering into contracts for residential property.

In essence, the intent is to simplify the current very technical process of preparing and delivering contracts which is intended to avoid contracts being avoided on purely technical grounds.

Full details of these changes will be advised in future Fast Facts. In brief the changes mean the law is not as strict about how and where the warning statement is attached and it will be easier to submit counter offers without having to follow the strict processes of the past.

It is important to note –

(a) the transition from the existing to the new laws will occur at 5 pm on 30 September 2010.

(b) At that time a right to terminate a contract under the existing law will be lost.

(c) The new laws will apply to all contracts which exist as at 1 October 2010 as well as to any contract entered into after that date.

Please note that the Queensland law Society’s insurer has advised that lawyers will be required to notify all buyers that if they have a valid right to terminate a contract which settles after 30 September 2010 under the existing laws, that right will be lost after 30 September 2010.

 

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