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REIQ Journal : December January 2009
Legal Issues 31 Compliance with the PAMD Act: When are parties bound by the relevant contract? By Brett Heath, Special Counsel, Carter Newell Lawyers So you’ve complied with the warning statement provisions of Property Agents and Motor Dealers Act 2000 (Qld) and the proposed relevant contract has been signed by the buyer and seller and dated. What is the next step to ensure that the parties are bound by the relevant contract for the sale of residential property? AN ARTICLE IN the October 2008 edition of the REIQ Journal discussed compliance with the warning statement provisions of the PAMD Act. A closely related provision is section 365 of the PAMD Act, which determines when the parties are bound under a relevant contract, and that the cooling off period does not commence until the buyer is bound by the relevant contract. Section 365(1) of the PAMD Act states that the buyer and seller are bound by the relevant contract when the buyer or the buyer’s agent receives the warning statement and the relevant contract fromthe seller or the seller’s agent. The PAMD Act defines a buyer’s agent as a lawyer or licensee acting for the buyer and a person authorised by the buyer or by law to sign the relevant contract on the buyer’s behalf. The PAMD Act sets out the ways in which the buyer must receive the warning statement and the relevant contract from the seller or the seller’s agent. Prior to using electronic means of transmission, such as fax or email, agents must ensure that the buyers’and/or sellers’ consent is obtained. This is a statutory requirement as per the Electronic Transactions Act 2001 (Qld). A best practice consent formis available on Realworks (EF135 Consent to receive electronic communication) which could be used for this process. REIQ Journal December 2008/January 2009