New FORM 6 Changes Effective 01 May 2024 for Queensland Real Estate Agents

Attention Queensland real estate professionals, buyers, sellers, investors and anyone interested in QLD property! This critical update addresses the impending changes to the FORM 6 appointment form, mandatory from May 1, 2024, for Queensland real estate agents. These significant updates in the Queensland property landscape are essential as they could impact your commissions. With the new regulations rolling out tomorrow (May 1st), it’s crucial to understand these changes to ensure seamless compliance.

Key Updates to FORM 6

The Real Estate Institute of Queensland (REIQ) recently hosted a comprehensive webinar on the updated Property Occupations Appointment Forms, introducing two new FORM 6 documents required from May 1 2024. These updates also introduce a new FORM 6A for commercial sales and management. Today, however, our focus remains solely on FORM 6.

Transition Period Guidelines

• Fully Executed Agreements: Any FORM 6 fully signed before May 1, 2024, remains valid and enforceable until its expiry or termination.
• Partially Executed Agreements: These require immediate attention. If any FORM 6 document is only partially signed as of May 1, it must be discarded and replaced with the new documentation from the effective date.

Detailed Breakdown of the New FORM 6

• Page 1: Client and Licensee Details – Minor updates include the inclusion of buyer’s agents and an emphasis on accurately verifying client ID to match property titles.
• Page 2: Property and Appointment Details – Standard verification of property details and ownership.
• Page 3: Termination and Property Sales – Standardisation of termination terms at 90 days for real estate sales.
• Page 4: Commission Specifications – the wording ‘including GST’ has been bolded.
• Page 5: Authorization of Fees, Charges, and Expenses – Expansion in the emergency repair provisions stated to be four weeks rent.
• Page 6: Signatures and Reappointment – No changes.

Essential Updates and Best Practices

With the imminent updates, it’s vital to ensure your office is prepared. Transitioning to the new forms should be seamless with tools like Realworks, which will auto-populate data from old forms to new ones.

Legal Implications and Contractual Protections

The new forms introduce provisions to safeguard agents relying on property information provided by clients, aligning with the upcoming Seller’s Disclosure Regime.

Take Immediate Action!

Don’t let this major update pass you by. Act now to ensure you and your team are fully prepared for the changes. Review your current FORM 6 documents, consult with a Realworks specialist if necessary, and join the REIQ for access to essential resources and support. This isn’t just a formality—it’s a crucial adjustment that every Queensland real estate professional must navigate to continue providing top-tier services and ensuring compliance with new regulations. Make sure you’re not only compliant but also ahead of the curve by preparing now.