King & Wood Mallesons

Asia-Pacific 100 position: 3

Cutting red tape in the real-estate sector — PAMDA repealed

The Queensland government has released the Property Occupations Bill 2013, which is proposed legislation to address a number of property industry concerns about contract disclosures and warning statements and the licensing of real-estate agents and other property professionals.

Since its introduction in 2000, the Property Agents and Motor Dealers Act (known as PAMDA) has been considered by many to be a burdensome piece of legislation that has increased in complexity and technical regulatory requirements over time. For example, the high level of technical compliance in relation to warning statements has produced case law about whether a warning statement bound or stapled to a residential sale contract was considered to be the first page of the contract. There have been concerns raised about PAMDA for quite some time and the introduction of the Property Occupations Bill 2013 is likely to be seen as a welcome relief. The Queensland government is intending to repeal PAMDA and split its content into four separate bills, including the current Property Occupations Bill.

While the government believes the Property Occupations Bill strikes a reasonable balance between consumer protectionism and doing business in the marketplace, it does represent a significant shift away from the current level of consumer protectionism. The bill also goes some way in achieving the Queensland government’s goal of removing unnecessary ‘red tape’ for the real-estate sector…

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Level 61, Governor Phillip Tower
1 Farrer Place
Sydney
NSW 2000
Australia
http://www.kwm.com

Jurisdiction: PRC/Australia
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