PAMD Form 27c

[gbang]

Was looking through a 27c and came across some terms I haven't seen before. Can someone please decipher what these mean! I googled some of them and have an idea but just need it in laymen's terms so I don't do something wrong!

The form has a trailing commission in it payable to the agents finance company for the life of the loan?

They also refer to a company which will provide "A non-monetary reward in the form of a paid function, sponsored event or similar reward". I take it, someone will throw a party for the agents once the property is sold?

 

[UrbanPlanner]

Just today I asked a REA in QLD the same thing as we've just secured a property in Brisbane. His explanation was that they now have to disclose what they are receiving for selling the house, whether it be money or in the form of cars, boats etc. Apparently it arose as a result of some shonky deals going on in NSW years ago where REA were selling properties at a discounted rate to developer mates in exchange for cars/boats etc. So they passed new laws to require full disclosure to the seller as to what the REA is getting from the deal. All of this could be bunk, but TBH i couldn't care less what the REA gets for selling it.

REA's in QLD need the form 27c signed before they can get paid apparently.

 

[Qlds007]

Standard Disclosure on 27C.

Sets out not only any benefits the agent may receive from certain referrals but also the commission you will be charged.

Without it the Contract is going nowhere.

Cheers


Richard

 

[JDM]

It has been touched on already, however the PAMD Form 27c is consumer protection to ensure that all benefits received from the sale of the property are disclosed to the buyer. As you identified, this includes non-monetary benefits. The idea is that anything that is dependent on the sale of the property is disclosed.

It should be noted that a failure to provide a PAMD Form 27c to a buyer or adequately disclose benefits will not ordinarily allow the buyer to terminate the contract or bar the agent from receiving commission. It will be an offence under the Property Agents and Motor Dealers Act and the agent (if appointed) may face a penalty for this offence.

You should also be aware that the PAMD Form 27c is only required for the sale of residential property (as defined in PAMDA).

 

[beachy]

The Form 27C is to make agents transparent with what they receive financially from the sale of a property - referral fees to building and pest inspectors, loan brokers, solicitors - whereby the agent referred to buyers to anyone associated with the sale of the property. Apparently new laws this year have the agent's commission being omitted from this form whereas in the past an agent would have to disclose it on the form

 

[Ian (WA)]

'Evening All,

To clarify, (based on earlier comment from PIHQ) is the Form 27C required to be supplied by agents for sale of 'Commercial' property currently under construction?

My reading of QLD PAMDA says it isn't req'd, but would appreciate confirmation from anyone who definitely knows.

Can contact commercial agent tomorrow, but thought I'd ask here first.

Cheers,

Ian.

 

[JDM]

'Evening All,

To clarify, (based on earlier comment from PIHQ) is the Form 27C required to be supplied by agents for sale of 'Commercial' property currently under construction?

My reading of QLD PAMDA says it isn't req'd, but would appreciate confirmation from anyone who definitely knows.

Can contact commercial agent tomorrow, but thought I'd ask here first.

Cheers,

Ian.

PAMD Form 27c is not required in this instance. It applies to residential property only.

 

[RyanMcHarg]

As agents we can receive a referral bonus from a finance company if you use them to broker your finance. This isn't always the case and if you already have your finance sorted, obviously we don't receive that fee. As a standard our 27c's disclose that referral amount regardless of whether you use that broker or not for your finance, as under the act it has to be disclosed.

Pretty standard operating procedure really.

Was looking through a 27c and came across some terms I haven't seen before. Can someone please decipher what these mean! I googled some of them and have an idea but just need it in laymen's terms so I don't do something wrong!

The form has a trailing commission in it payable to the agents finance company for the life of the loan?

They also refer to a company which will provide "A non-monetary reward in the form of a paid function, sponsored event or similar reward". I take it, someone will throw a party for the agents once the property is sold?