The REIQ recommends the following basic steps:
- Choose a real estate agent
- Decide on a method of sale
- Agree on an appropriate marketing/advertising program
- Decide on a desired list price
- Sign a PAMD Appointment of Real Estate Agent (Sales and Purchases) Form 22a with the nominated agent
- Prepare your property for sale
- Arrange for buyers to inspect property
- Agree on the price offered by the buyer or nominate the reserve price in the case of an auction
- Sign a Contract of Sale
- Arrange with solicitor/financial institution for transfer of property
- Pay commission to the agent.
Note: If someone within the agency is buying the property and beneficial interest applies, a PAMD Form 28 must be signed before signing a Contract of Sale on the property.
Forms used for real estate transactions in Queensland
The Property Agents and Motor Dealers Act 2000 regulates the real estate industry in Queensland. Introduced on July 1, 2001, this legislation has changed the way consumers buy and sell property in this State. The new Property Agents and Motor Dealers Amendment Act 2001 resulted in the introduction of a raft of new forms that affect both the buyer and the seller.
Relating to the seller
Form PAMD 22a - Appointment of Real Estate Agent (Sales and Purchases)
Form PAMD 23 - Sole or Exclusive Agency Notice for Sale of Property (Auctioneer)
Form PAMD 24a - Appointment to Act as an Auctioneer
Form PAMD 25 - Sole or Exclusive Agency Notice for Sale of Property (Pastoral House)
Form PAMD 26 - Appointment to Act as Pastoral House
Form PAMD 28 - Disclosure of Beneficial Interest to Seller
