New era for Queensland real estate
New era for Queensland real estate
Posted on Wednesday, May 07 2014 at 9:48 AM
Queensland has new real estate legislation, which includes the abolishment of maximum commission rates and warning statements.
The split of the Property Agents
and Motor Dealers Act resulted in the creation of industry specific
legislation, including the Property
Occupations Act (the Act), which was passed by the Queensland Parliament
last night.
Attorney-General Jarrod Bleijie said the Act would allow Queenslanders to
purchase property without unnecessary red tape and regulation.
“Buying a house is one of the biggest decisions we can make in our lifetime
and the simpler we can make the process, the greater Queenslanders are
protected,” Bleijie said.
“Lengthy contracts can often do more harm than good, with many people
either skimming over important information or in some cases people not reading
the finer detail at all. This is a win-win for all Queenslanders.”
Key legislative changes include:
- Removing the requirement for agents to disclose to
a buyer the commission the agent is receiving from the seller; - Extending the statutory limit on lengths of
appointments for a sole or exclusive agency from 60 days to 90 days to better
reflect market realities; - Deregulating the maximum commissions rates to allow
contractual freedom ; - Abolishment of a separate warning statement,
instead this will be included in the relevant contract; and - Stricter disclosure of third party benefits to
buyers.
Real Estate Institute of Queensland (REIQ) chairman Rob Honeycombe said
the simplified laws would deliver important benefits for both real estate
professionals and consumers.
He said the Act and the other associated legislation passed would cut
red tape and make it easier to buy and sell real estate throughout Queensland.
“The REIQ has been fighting for industry-specific legislation for many
years on behalf of our members and for the betterment of the entire profession
in Queensland,” he said.
“Previously, the real estate sector 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.
“The new laws will also empower consumers as never before, making it
easier than ever for them to navigate the entire spectrum of real estate
transactions.”
The legislation is expected to come into effect within the next three to
six months.
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