Contract Law Changes
Recent changes that came into effect on October 1, 2010 have helped to streamline contracts for property purchases. These changes affect the use of the Warning Statement form and how buyers are notified of it during contract negotiations. Hiring a professional conveyancer to help you understand the updated requirements can make it easier to purchase the property. This individual has the training and knowledge to make sure that all paperwork is in order so that the sale can go through seamlessly.
One update to the contract law is the need for the use of the proper 30c warning form when doing a property contract. A Warning Statement PAMD Form 30c has to be securely fastened to a contract under discussion. For example, if part of the actual Real Estate Sales Contract, this form has to be stapled or otherwise physically secured to the document. If the contract is sent through the mail or by fax, it must be sent with the entire contract at one time. This ensures that it is part of the document as a whole, and not lost or added later. The purchaser of the property must have this document drawn to his or her attention through a direct statement in a basic letter. These requirements are also true for Form 14, which is used if the property in question is a unit. The correct version of each form must also be used with the contract in order to be legally compliant in regards to conveyancing in Gold Coast and Brisbane.
Why Have These Changes Been Put Into Place?
These updates have been put into place to help make the entire contract process run smoother and reduce issues with cancelling of contracts. This helps to make conveyancing in Brisbane less cumbersome for all parties involved. The loss of the form or its improper placement in the document caused some buyers to cancel the entire contract on a small technical issue. The government has also strongly suggested that each time the owner offers a different amount for the property during the negotiations, the purchaser should be aware of the Warning Statement each time. This helps to protect the owner of the property from a cancellation in the midst of negotiations on a small issue. It is also suggested that the purchaser sign the statement so that it is clear that he or she was made aware of it.