Queensland real estate legislative changes tabled in Queensland Parliament

Queensland real estate legislative changes tabled in Queensland Parliament 

 

There have been some very interesting real estate reforms tabled in Queensland Parliament with legislative changes that will make commissions less transparent to buyers and extend sole agency timeframes, according to the Real Estate Institute of Queensland (REIQ).

 

Hopefully the amendments will simplify the process of buying and selling property across the state.

 

Changes to the rules governing the real estate industry include:

 

1. Removing the requirement for agents to disclose to a buyer the commission they’re receiving from the seller

 

2. Extending the statutory limit on lengths of sole or exclusive agency appointments from 60 days to 90 days

 

3. Removing a limit on the maximum commissions payable

 

4. Abolition of a separate warning statement by incorporating it into the contract itself

 

5. 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.

 

Attorney-General Jarrod Bleijie says the overhaul of the legislation will cut red tape, as 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.

 

It will ultimately help in reducing the number of approved government forms and incorporating warning statements into contracts so hopefully things are about to improve in this area.