The commencement date of the Property Occupations Act 2014 (POA) has been announced as 1 December 2014. A summary of the relevant changes is set out in our previous alert.
This means the POA will need to be complied with for all contracts entered into on or after 1 December 2014. As for contracts signed before this date, the provisions of the Property Agents and Motor Dealers Act 2000 will continue to apply.
While the POA removes a number of procedural burdens on parties in property transactions, compliance with the POA is important. Hefty fines of up to $110,000 for corporations and $22,000 for an individual may apply for non-compliance.