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From PAMDA to POA – A Summary For Management Rights Owners

Posted by HiRUM Software Solutions -02/05/2014

How will the POA affect Management Rights?

In an article published by accomnews  on 30 April, John Mahoney of Mahoney Lawyers outlines the changes to the POA legislation compared with  the PAMD and what this will mean for Management Rights owners. Due to last minute Government tweaking of the legislation, it is now expected to take effect in the second half of this year.

  • Deregulation of Commission

The Government is hoping that deregulation of commission will help to reduce commissions.  John Mahoney sees an opportunity to introduce a sliding scale to incentivise both managers and owners

  • Letting Appointment Assignation

Appointments to Act will no longer need to be “ticked and signed “to allow them to be assigned to new managers.  This will be automatically allowable.  Notice periods to terminate management agreements will now be 30 days in all cases.

  • Residential Requirement Removed

It will no longer be the requirement of a letting agent’s licence that they reside on site.management rights

  • Body Corporate Approval Not Required

It will no longer be a requirement that a resident letting agent provide evidence of body corporate approval when applying for a licence and it will no longer apply to a specific building

  • Corporate licences Do Not Need a Licenced Director

It will be sufficient for the “person in charge” to hold a licence.

Any PAMDA appointments in place prior to the commencement of the new Act will continue in accordance with their terms until that appointment ends.  If you wish to take advantage of assignability etc, new agreements will need to be drawn up.

By Sally Baumber


Other articles of interest:

Out With PAMDA, In With POA

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