Disclosure |
For all property agents
By law, you as a property agent must disclose:
- any benefits you receive or expect to receive
- your relationship to any person you refer the buyer to for professional services, such as financiers, building or pest inspectors
- any situation where you are part of a corporation and the purchase, or the option to purchase property, is made on behalf of an executive office of the corporation.
As a property developer, you must tell prospective buyers the above information, as well as whether you own at least a 15 per cent interest in the property.
To disclose this information, complete PAMD Form 28 - Disclosure of beneficial interest to seller (PDF, 188 KB).
You cannot charge a commission if you have a beneficial interest in the purchase of property, such as where an agent or registered employee buys a property that is listed with the agency.
Courts will return money you claim or retain if you are convicted of obtaining beneficial interest.
Sustainability declaration
From 27 June 2012, a sustainability declaration is no longer required when selling a house, townhouse or unit in Queensland.
The Building Act 1975 and the Property and Motor Dealers Act 2000 have been amended to remove the legal requirements on sellers (vendors) and real estate agents to provide a sustainability declaration when selling or advertising a property for sale.
Where a sustainability declaration has been prepared there is no longer any requirement for the seller or agent to make copies available or give copies to a potential buyer on request.
The amendments retain provisions to protect buyers and sellers in existing contracts, where inaccurate or misleading information is contained in a sustainability declaration. These transitional arrangements provide that:
- A contract cannot be terminated simply because of inaccurate or misleading information in a sustainability declaration.
- A buyer who has been disadvantaged because of inaccurate or misleading information can seek compensation.
For further information please visit the Department of Housing and Public Works website or contact Building Codes Queensland on 1800 534 972 or by email to buildingcodes@dlgp.qld.gov.au.
Last reviewed 28/06/2012 |
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