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Hi !FirstName,
The Treasury (Cost of Living) and Other Legislation Amendment Act 2012 came into effect on the 27th June 2012 resulting in a number of changes based on LNP election promises.
Election promises acted on in this Act include their commitment to reinstate the transfer duty home concession and to abolish the requirement for a Seller to provide a prospective Buyer with a Sustainability Declaration.
These announcements are a welcome relief for the Real Estate Industry which has copped a hiding from Government over recent years.
These reforms should be the start of a relief rollout that is long overdue for the Industry. Hopefully the stamp duty savings will help revive sales while reductions in sales procedure requirements will certainly assist in creating more certainty in the sales process.
The following forms have been amended to reflect these early reforms:
- PAMD 22a (all versions)
- Sustainability Declaration (Removed)
- Sustainability Reference Guide (Removed)
1. A reminder that the contract versions below are the latest versions for our residential Contracts containing the relevant provisions of the Neighbourhood Disputes Resolution Act 2011.
Ensure you are using the correct Sales Contract versions!
Current versions are as follows:
- Contract for Sale of House & Land (Auction) v7.7
- Contract for Sale of House & Land (with Warning) v8.7
- Contract for Sale of Residential Lots in a Community Titles Scheme (Auction) v9.7
- Contract for Sale of Residential Lots in a Community Titles Scheme (with Warning) v10.7
2. Minor amendments have been made to the Commercial & Retail Leases in QLD to better reflect the introduction of the Personal Properties Securities Act 2009 (c'wth) (PPSA).
In the months following the introduction of the new PPS regime it came to light that a cash security bond held by a Landlord could be considered a 'registered interest'. Due to this, the Landlord may find it simpler to opt for a Bank Guarantee to which the PPSA doesn’t apply.
A Landlord should seek appropriate legal advice before deciding whether a security interest should be registered to protect their rights against other creditors who may have registered a security interest and to protect their rights in respect to abandoned goods.
3. The following forms are now ready for use in ADLForms thanks to valuable customer feedback:
Amended Forms:
- Application for Tenancy Form (all versions)
- Commercial Lease Agreement (both versions)
- Retail Shop Lease (3yrs or less)
- Retail Shop Lease (5yr lease)
To see the actual changes to the forms click on the 'Forms Change History' in ADLForms (or click here).
Click on the link below to:
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