Real estate reforms tabled in Queensland Parliament
Real estate reforms tabled in Queensland Parliament
Posted on Thursday, November 21 2013 at 3:24 PM
Legislative changes tabled in the Queensland Parliament will make commissions less transparent to buyers and extend sole agency timeframes, according to the Real Estate Institute of Queensland (REIQ).
The
lobby group believes the amendments will simplify the process of buying and
selling property across the state.
Changes
to the rules governing the real estate industry include:
- Removing the requirement for agents to disclose to
a buyer the commission they’re receiving from the seller. - Extending the statutory limit on lengths of sole or
exclusive agency appointments from 60 days to 90 days. - Removing a limit on the maximum commissions payable.
- Abolition of a separate warning statement by
incorporating it into the contract itself. - Stricter disclosure of third party benefits to
buyers.
Pamela Bennett, chairman of the REIQ, says the introduction of the Property Occupations Bill and the Agents Financial Administration Bill into Parliament
is the result of more than 12 months of collaboration between the State
Government and the real estate sector.
“The real estate industry has long been legislatively bundled in with a
variety of other occupations and the REIQ always felt that our profession
deserved its own specific legislation.”
Bennett says the organisation is happy to see agents regulated under
legislation separated from other professions.
“For more than a year, the REIQ has fought for major legal reforms
during the review of the Property
Agents and Motor Dealers Act and the splitting of (it) into
occupation-specific legislation.”
Anton Kardash, the REIQ’s chief executive officer, believes the legislative
reforms will improve conditions for both agents and consumers.
“The majority of the changes also allow for the real estate industry to
become more professional and ultimately more accountable, and that is good news
for everyone as well as for the property market.”
Attorney-General Jarrod Bleijie says the overhaul of the legislation will
cut red tape.
“Lengthy contracts can often do more harm than good, with many people
either skimming over important information, or in some cases people are not reading
the finer detail at all,” Bleijie says.
“Buying a house or car is one of the biggest decisions we can make in
our life time and the simpler we can make the process, the greater
Queenslanders are protected.
“By reducing the number of approved government forms and incorporating
warning statements into contracts, we can achieve this.”
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