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PAMDA - Minister feels the heat

Fair Trading Minister Peter Lawlor has responded to industry and consumer anger over PAMDA costs and complexity that escalated sharply following the release of yet another version of mandatory real estate forms. The latest versions – that cost the real estate and legal industries millions to implement each time - were introduced to accommodate a change of name of the government department that administers PAMDA.

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In an open letter to the real estate industry, the minister has validated concerns about:

  1. prolific version changes in statutory forms that carry heavy implementation costs and further costs from inadvertent non-compliance with each new version; and
  2. complex requirements relating to warning statements and contract presentation & delivery that create uncertainty and unforeseen expense for many buyers and sellers as well as exposing them and their agents to potential lawsuits.

The minister has at last committed to consult the industry "on any future issuing of the forms". We can now be confident that version changes will also be less frequent.

While the minister has also given an assurance that amendments to "simplify" warning statements and contract presentation & delivery provisions are in the pipeline, he has not released any detail.

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Now is the time - while amendments are still in the draft stage - for consumers and the industry alike to make it clear that they must no longer be exposed to the huge additional risks and costs that PAMDA complexities are responsible for. "Simplification" must remove these risks.

Click here to send a pre-completed PAMDA protest email to the Hon. Peter Lawlor urging genuine PAMDA simplification »

Alert: the latest form versions became mandatory on 1 October. Do not use former versions as they will affect contract validity.

Form 30c: Version 5 must be used from 1 October. This means that all contracts presented on or from that date must have the version 5 Form 30c Warning Statement attached as the top sheet.

Form 27c: Version 4 must be used from 1 October. This means that in respect of all contracts presented from 1 October, the version 4 Agent’s Disclosure Form 27c must be given to the buyer prior to the contract.

Form 22a: Version 5 must be used from 1 October. This means that all Appointments on or from that date must use version 5.

The new forms are available in LawSpace.

LawSpace membership has many other business benefits for agents:

  • up-to-the-minute online after-sales progress reports (electronically updated) for all contracts where Carter Capner Law act for buyer or seller;
  • monitor transaction progress and view/print transaction documents online;
  • see all finance, inspection and settlement changes without having to pick up the phone;
  • your client has access to the same on-line information - end phone run-arounds forever – everyone kept in the loop

Apply now for FREE LawSpace membership!

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Martin

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