New Legislation makes buying Queensland Property-Real-Estate Easy

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Queensland has new Real Estate Legislation, which includes the abolishment of maximum commission rates and warning statements.

Separating the Property Agents and Motor Dealers Act has meant the property industry now has specific individual legislation.

The new Act; the Property Occupations Act (the Act), which was passed by the Queensland Parliament last Tuesday night will simplify the entire process thank goodness.

The Attorney-General Jarrod Bleijie said the Act would allow buyers to purchase Queensland real estate without unnecessary red tape and regulation.

Key legislative changes include:

• Removing the requirement for agents to disclose to a buyer the commission the agent is receiving from the seller by way of the;

• 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 new legislation is expected to come into effect within the next 3 to 6 months and has been greeted by everyone with open arms.