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REIQ Journal : December January 2009
INDUSTRY NEWS 11 Are you compliant with the Legal Profession Act? As reported in numerous editions of the REIQ Journal and Memberlink email updates since October last year, amendments to the Legal Profession Act 2007 (LPA) commenced on 1 July 2008. PAMD Act licensees - including property managers, residential sales, and commercial agents - need to be careful to ensure that they do not unintentionally breach the LPA. To help agents comply, the REIQ engaged legal professionals to prepare a suite of commonly used special conditions for use in sales contracts and property management agreements. The special conditions are available to Realworks subscribers as a downloadable file, which can be imported into your Realworks software. These special conditions were made available from 1 July and since that time more than 830 Realworks Live subscribers have accessed the comprehensive range conditions, which cover areas such as: Deposits Commissions Due Diligence Tenancies Body Corporate Pool Fencing Depreciation Easements Prior Transfer Pets Water consumption The REIQ has also produced a comprehensive fact sheet, which is available from the Member Resources section at www.memberlink.com.au REIQ Journal December 2008/January 2009