by clicking the arrows at the side of the page, or by using the toolbar.
by clicking anywhere on the page.
by dragging the page around when zoomed in.
by clicking anywhere on the page when zoomed in.
web sites or send emails by clicking on hyperlinks.
Email this page to a friend
Search this issue
Index - jump to page or section
Archive - view past issues
REIQ Journal : October 2008
INDUSTRY PRACTICE 19 The statement must be signed by both the agent and the buyer, kept in the agent’s registered office, and made available for immediate inspection by any Office of Fair Trading inspector who asks to see it. Auctioneers have similar requirements; however, there are a couple of significant differences. Sections 224 to 228 of the PAMD Act apply to auctioneers in relation to selling vacant land that can not be built on for residential purposes. In brief, Section 226 requires an auctioneer to announce, immediately before the auction, that land can not, as at the day of auction, be lawfully used for residential purposes. A written statement to this effect must also be given to a proposed buyer/bidder before the buyer/bidder signs any contract in relation to the sale. Best practice suggests that the buyer/bidder be provided with this statement at the time of bidder registration. The statement must include the same information as referenced earlier in this article. Agents and auctioneers are urged to re-familiarise themselves with these legal requirements and to comply. The penalties include provision for multiple two-year imprisonment terms and up to $15,000 in fines. The particular sections also allow for numerous penalties that could be imposed for breaches of each sub section. The PAMD regulations state that agents and auctioneers are required Stacey Holt, Senior Best Practice and Policy Advisor, REIQ to keep all PAMD documentation for five years. Carter Newell, solicitors to the REIQ Professional Indemnity facility, recommend that documentation be kept for six years. Realworks users can download updated best practice forms to help agents comply with these sections of the PAMD Act. These forms have recently been revised and now include a new form to assist auctioneers. Realworks subscribers should synchronise their software regularly to ensure that their agency is always using the most up to date documentation. REIQ Journal October 2008