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REIQ Journal : December January 2009
LEGAL ISSUES 33 Brett Heath, Special Counsel, Carter Newell Lawyers Pursuant to section 365(3) of the PAMD Act, without limiting how the buyer may withdraw the offer to purchase a property, “…the buyer may withdraw the offer at any time before being bound by the relevant contract under subsection (1) by giving written notice of withdrawal, including notice by fax, to the seller or the seller’s agent.” As solicitors for the REIQ Professional Indemnity Scheme, Carter Newell has received an increased number of claims as a result of agents failing to direct the attention of the buyer or buyer’s agent to the warning statement and relevant contract in accordance with section 365 of the PAMD Act. In order to ensure that the parties are bound by the relevant contract, agents must strictly comply with section 365 of the PAMD Act and ensure that when the signed relevant contract is sent to the buyer or the buyer’s agent, the documents are sent in the correct order and a clear statement directing the attention of the buyer or the buyer’s agent to the warning statement and the relevant contract is included. These requirements should not be confused with the statutory provisions in relation to the presentation and signing of residential contracts as set out in Sections 366 to 366D of the PAMD Act. Agents are encouraged to review the procedures to ensure strict compliance with the PAMD Act. Flow charts for the presentation and signing of relevant residential contracts can be downloaded from www.realworks.com.au. In addition, the REIQ professional services division can provide in house training to your sales team. It is recommended that agents use the best practice forms provided by Realworks to assist with compliance with the PAMD Act. Lives are in your hands Changes to legislation make you responsible From July 1st, 2008 if you manage a building larger than a sole tenancy, you MUST update current fi re safety procedures. The new legislation is detailed and complex. QBM Fire Safety Advisers take responsibility and handle all the complex issues for you. By enlisting one of our qualifi ed Fire Advisers, you not only have updated procedures, but you then are legally compliant. You can rest assured that you have done everything in your power to save lives and property. YOU MUST BE COMPLIANT BY JULY 1ST 2009 Heavy fi nes or jail time would follow non compliance. With QBM you get the full service at a competitive rate. Included: • Fire audit • Fire and evacuation procedures Stay One Step Ahead and call QBM today on 1300 880 466 For more information visit www.qbm.com.au firstname.lastname@example.org QBSA Act Licence No: 1094080 • Compliant evacuation diagrams • Full training All of these services and more are complimented by “MyQBM”, the ultimate in interactive online support, all ensuring your safety procedures are up to date today and in the future. Stay One Step Ahead and call QBM today for a obligation free quote. REIQ Journal December 2008/January 2009 QBMC015