NEW LAWS FOR RESIDENTIAL PROPERTY DEVELOPERS

This month new legislation was passed by Queensland parliament which will have a significant impact on transactions for property developers and the procedure for the sale of residential properties.

The Property Occupations Act 2013 in effect replaces the Property Agents and Motor Dealers Act 2000 (“PAMDA”) and will commence once it receives final approval from the Governor-General in the coming months. One of the goals of the new legislation is to remove some of the more restrictive requirements contained in the PAMDA legislation and help to streamline conveyancing transactions.

Key changes introduced by the new legislation include: Continue Reading

REASONABLE ENDEAVOURS OBLIGATIONS – UPDATE

In our Kinneally Miley Law Update in January 2013, we explained the purpose and effect of the obligation to use “reasonable endeavours” to achieve a specific contractual objective. In a recent case, the High Court was asked to revisit this type of obligation and in doing so made some comments to assist contracting parties to further understand this obligation.

The High Court case concerned a gas supply agreement between Woodside Energy Ltd (“Seller”) and Verve Energy (“Buyer”) which contained a clause requiring the Seller to use reasonable endeavours to supply an additional amount of gas if required by the Buyer. Continue Reading

REFORM OF PLANNING AND DEVELOPMENT LAWS AND PROCESSES

The Queensland Government is currently preparing for a reform of planning and development legislation with a view to introducing a number of changes with the aim of streamlining the application and approval processes, reducing red tape and costs for developers and generally encouraging development and economic growth.

The proposed new legislation is still a number of months away from being finalised, but we encourage developers to keep up to date with the types of changes that are likely to be introduced by the new laws, with a view to staying ahead of the market in terms of knowledge and planning.

Key changes currently planned under the proposed new laws include: Continue Reading