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REIQ Journal : October 2008
18 Industry Practice Obligations for real estate agents and auctioneers when selling non-residential vacant land By Stacey Holt, Senior Best Practice and Policy Advisor, REIQ There are a number of legislative requirements for real estate salespeople and auctioneers set out in the Property Agents and Motor Dealers Act 2000 (PAMD Act) when selling vacant land that can not be built on for residential purposes. SECTIONS 147 TO 151 of the PAMD Act deal specifically with the obligations of salespeople in relation to selling vacant land that can not be built on for residential purposes. Specifically, Sections 148 and 149 set out the legal requirements that agents must adhere to in relation to disclosure to a buyer. In part, Section 149 requires that a real estate agent provides a buyer, before they enter into a contract, with a statement that includes the following: the land, clearly identified (including by lot-on-plan or similar description) to which the statement relates; REIQ Journal October 2008 the names and addresses of the seller of the land, and the proposed buyer; a clear statement that the use of the land for residential purposes is unlawful; a clear statement that if the buyer erects a place of residence on the land or otherwise uses the land for residential purposes contrary to law, that the buyer may commit an offence, and a named local government may be lawfully empowered to demolish the place of residence or other residential structure; and the date that the statement was given to the buyer.