Queensland Numbered Acts

PROPERTY AGENTS AND MOTOR DEALERS AND OTHER ACTS AMENDMENT ACT 2006 No. 10 - SECT 19

Chapter 4, part 3, after section 124--

insert--

'(1) This section applies if a resident letting agent (existing letting agent)--

(a) is a letting agent for a community titles scheme; and

(b) enters into a contract to sell management rights for the community titles scheme to another resident letting agent (new letting agent).

'(2) At least 14 days before the day management rights are to pass to the buyer under the contract, the existing letting agent must make available to the new letting agent the existing letting agent's trust account records for the community titles scheme to which the management rights relate for the prescribed period before the intended date of the sale of the management rights.

'(3) If the existing letting agent fails to comply with subsection (2), the new letting agent may avoid the contract.

'(4) In this section--

community titles scheme has the meaning given by the Body Corporate and Community Management Act 1997, section 10.

letting agent has the meaning given by the Body Corporate and Community Management Act 1997, section 16.

management rights has the meaning given by the Body Corporate and Community Management Act 1997, schedule 6.

prescribed period means--

(a) 5 years; or

(b) if the existing resident letting agent has been the letting agent for the community titles scheme for a shorter period, the shorter period.'.