The Property Occupations Act comes into force on 1 December bringing with it an entirely new process for preparation and presentation of residential sales contracts in Queensland.

By “entirely new” we mean a modified simpler version of the current process, one which will require new contract forms new appointment forms and new disclosure forms.

Henceforth, a simple clear one paragraph statement can be incorporated into contracts and the “drawing attention” requirement and form 30 C warning statement is gone. Likewise for the BCCM form 14.

One document –Form 6 – accommodates all agency appointments – for both letting and sales regardless of the property type.

The former form 27C disclosure of an agent’s relationships and benefits it may receive from referrals etc, is replaced by the new form 8.

The new forms so far appear however to overlook the disclosure requirements of sections 157 (1) (d) and (e) and 158 (1) (d) and (e) of the new Act regarding all benefits received by third party “entities” in connection with the sale.

A lawyer’s certificate is no longer be needed to waive a cooling-off period; for options, no repetition of warning statements will be required at the time of exercise; and a common-sense change to the definition of “residential property” for determining when the warning statement etc rules apply.

Join us for our up-to-the-minute webinar on 26 November at 12 noon for a rundown on all you need to know about the new Act, the forms and regulations. What is best practice? What are the traps? Watch the Recording Here