Qld R/E Agent - Personal Interest?
- Thread starter Novar
- Start date
From my understanding they have too but it is QLDIn Qld doesn't the agent have to provide the buyer with a PAMD Form 27c prior to the signing or exchange of contracts. Perhaps some of our resident agents could provide a definitive answer. I am curious also.
Hound Dog
,another item not many know about at Auctions in QLD,if the property is passed in and you can negotiate after on the day with the agent, then the 5 day cooling off period is back in place,and that is a PAMDA 30c form which goes on the front of the contract of sale..imho..willair..
BTW i'm no real estate agent..
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In Qld doesn't the agent have to provide the buyer with a PAMD Form 27c prior to the signing or exchange of contracts. Perhaps some of our resident agents could provide a definitive answer. I am curious also.
Hound Dog
short answer yes.
long answer would include that this does not answer the OP's question. a 27C only shows what the selling agent is likely to earn through commission and any referrals to services (like mortgage broker kickbacks etc.). It would not apply to an ownership issue.
To answer the OP's question I will admit I am unsure, but will check it out... I cannot pinpoint any legislation that says an agent must disclose his/her ownership of a property for sale, but I fully expect that we would have to...will suss it out and get back to you.
re willairs comment - correct again - my only comment is that I think auction conditions remain in force for the day of the auction??? will check that out too - I know they were trying to bring that in, but need to check if it did or not.
Qld. R/E Agent - Personal Interest
From talking to someone in R/E disclosure need only be made if the Agent is acting on behalf of a vendor and the Agent also has an interest in purchasing the said property. The disclosure is only made once an offer has been made. From the vendor's position they will not pay any commission to the Agent on the transaction.
The vendor has to sign a document which is then attached to the contract to state he/she is aware of the Agents beneficial interest.
From talking to someone in R/E disclosure need only be made if the Agent is acting on behalf of a vendor and the Agent also has an interest in purchasing the said property. The disclosure is only made once an offer has been made. From the vendor's position they will not pay any commission to the Agent on the transaction.
The vendor has to sign a document which is then attached to the contract to state he/she is aware of the Agents beneficial interest.
the form you talk about is a Form 28.
http://www.fairtrading.qld.gov.au/Forms/Declare_beneficial_interest_form.pdf
it ONLY applies when a real estate agent is interested in obtaining a beneficial interest (buying or someone closely associated buys) a property for which they already have the listing for sale.
the disclosure must be made prior to going to contract as the client (vendor) must sign prior to signing a contract. Given that in Qld most often an offer is made on a contract proforma then it is signed prior to offer etc.
this still has nothing to do with the OP's question though.
I suspect the issue will be with the Trade Practices Act and misrepresentation etc. as opposed to a straight PAMD requirement for disclosure.
http://www.fairtrading.qld.gov.au/Forms/Declare_beneficial_interest_form.pdf
it ONLY applies when a real estate agent is interested in obtaining a beneficial interest (buying or someone closely associated buys) a property for which they already have the listing for sale.
the disclosure must be made prior to going to contract as the client (vendor) must sign prior to signing a contract. Given that in Qld most often an offer is made on a contract proforma then it is signed prior to offer etc.
this still has nothing to do with the OP's question though.
I suspect the issue will be with the Trade Practices Act and misrepresentation etc. as opposed to a straight PAMD requirement for disclosure.
pretty sure I answered that in my post above - look for the word ONLY
Hi All,
Further research found in the Qld Dept of Fair Trading publication "Real Estate
Agency and Sales Practice Good Business Guide" found on page 18
"Statutory Disclosures
Disclosure of Beneficial Interest to Seller
Agents and their salespersons are placed in a position of trust by vendors.
Therefore if an agent or a salesperson seeks to obtain an interest in the
property for sale, they must act fairly, honestly and ensure the vendor makes
an informed decision to sell. The Property Agents and Motor Dealers
Act 2000 requires that the vendor must not be disadvantaged by the
transaction.The definition of benefi cial interest was changed in 2003 as part of the (Miscellaneous Provisions) Bill 2003 for the Property Agents and Motor
Dealers Act 2000. Real estate agents, auctioneers and pastoral houses are required to complete and use PAMD Form 28 –
Disclosure of Beneficial Interest to Seller to disclose a beneficial interest in
a property if they are the selling agent for the same property. The client must
read and sign this form before the client signs a contract for the sale of
the property.
Agents are no longer required to disclose in PAMD Form 28 if they have
an interest in a property which they are selling.
In circumstances where an agent or salesperson has a beneficial interest in
the purchase of real estate property, no commission can be charged."
From this it seems that there is no legal requirement for an agent to disclose to a seller that they own, or partly own, a property of interest to the buyer.
Can any of the forum agents confirm this?
Personally, if I was a selling agent flogging my own property off, I would be feel slightly uncomfortable not disclosing my interest in the property to a buyer. Your views and thoughts on this welcome.
Regards
Hound Dog
Further research found in the Qld Dept of Fair Trading publication "Real Estate
Agency and Sales Practice Good Business Guide" found on page 18
"Statutory Disclosures
Disclosure of Beneficial Interest to Seller
Agents and their salespersons are placed in a position of trust by vendors.
Therefore if an agent or a salesperson seeks to obtain an interest in the
property for sale, they must act fairly, honestly and ensure the vendor makes
an informed decision to sell. The Property Agents and Motor Dealers
Act 2000 requires that the vendor must not be disadvantaged by the
transaction.The definition of benefi cial interest was changed in 2003 as part of the (Miscellaneous Provisions) Bill 2003 for the Property Agents and Motor
Dealers Act 2000. Real estate agents, auctioneers and pastoral houses are required to complete and use PAMD Form 28 –
Disclosure of Beneficial Interest to Seller to disclose a beneficial interest in
a property if they are the selling agent for the same property. The client must
read and sign this form before the client signs a contract for the sale of
the property.
Agents are no longer required to disclose in PAMD Form 28 if they have
an interest in a property which they are selling.
In circumstances where an agent or salesperson has a beneficial interest in
the purchase of real estate property, no commission can be charged."
From this it seems that there is no legal requirement for an agent to disclose to a seller that they own, or partly own, a property of interest to the buyer.
Can any of the forum agents confirm this?
Personally, if I was a selling agent flogging my own property off, I would be feel slightly uncomfortable not disclosing my interest in the property to a buyer. Your views and thoughts on this welcome.
Regards
Hound Dog
