Enlisting the services of a Buyers Agent can be useful to overcome and make you aware of unknown legislation in a jurisdiction you wish to purchase an investment property. For example just last year in Queensland the Property Agents and Motor Dealers and Other Legislation Amendment Bill 2010 was introduced to Queensland Parliament on the 24 March 2010 and passed on the 17 August 2010, with the intention to come into effect from the 1 October 2010. The purpose of the bill was primarily to make amendments (particularly Chapter 11) to the Property Agents and Motor Dealers Act 2000 (PAMD Act) and the Body Corporate and Community Management Act 1997 (BCCM Act).
The amendments to the Property Agents and Motor Dealers Act 2000 are intended to clarify and simplify the processes for real estate agents/sellers and buyers in the presentation and delivery of residential property contracts. Previously minor breaches in presentation or delivery of the contract (i.e. faxing of pages in the incorrect order) would allow a buyer to void the contract.
With the amendments to Chapter 11 of the PAMD Act the regulatory requirements for presenting/delivering contracts no longer apply (i.e. previously the warning statement had to be the first sheet of the contract). Contracts will now be considered complaint if the warning statement and any BCCM Information sheet (unit sale) are attached to contract despite page order. Furthermore if a contract is transmitted electronically the Warning Statement and BCCM Information sheet are considered attached if sent at the same time, and when by facsimile as near as possible to the same time, allowing for normal operation delays in fax machines.
The PAMD Act amendments also negate the need for further directions and resigning of the Warning Statement on a contract (with the residential property and parties remaining the same) when negotiated changes are made to the contract in question.
A 90 day time limit has also been introduced for a buyer to exercise a termination right. The cooling off period has remained at a 5 business day period, however in alignment with other amendments this period is now considered to start from the day a buyer receives a copy of the contract from the real estate agent/seller.
One final key change is that the seller is now only required to give direction to the warning statement once at time of contract submission to the buyer. A competent buyers agent should be across all these property legislation changes, enabling you to increase your chances of a successful investment property transaction particularly when you aren't residing in the same jurisdiction as the investment property.
Please seek professional advice in regards to the changes introduced by the Property Agents and Motor Dealers and Other Legislation Amendment Bill 2010 and not rely on the commentary I have made.
For more information on the PAMD Act you should seek out the full amendment bill. Buyers Agent Guide also provides further information on what a Buyers Agent (also known as Buyers Advocate ) does and contact details of agents within Australia.
Article Source: http://EzineArticles.com/?expert=David_Tomlins
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