Agents no longer need to dis­close com­mis­sions

Port Douglas & Mossman Gazette - - FRONT PAGE - Bianca Kee­gan

REAL es­tate agents will no longer need to dis­close their com­mis­sions fol­low­ing new prop­erty laws in­tro­duced this week.

In a bid to cut red tape, agents will not be re­quired to dis­close their com­mis­sion to a buyer and statu­tory lim­its for a sole or ex­clu­sive agency will be ex­tended from 60 to 90 days.

Agents’ max­i­mum com­mis­sions will also be dereg­u­lated.

A peak body rep­re­sent­ing real es­tate agents, REIQ, said the over­haul to the Prop­erty Agents and Mo­tor Deal­ers Act was des­per­ately needed.

REIQ chair­man Pamela Ben­nett said the in­sti­tute had fought for in­dus­try-spe­cific leg­is­la­tion for sev­eral years. ‘‘The real es­tate sec­tor has long been leg­isla­tively bun­dled in with a va­ri­ety of other oc­cu­pa­tions and the REIQ al­ways f e l t that our pro­fes­sion de­served its own spe­cific leg­is­la­tion,’’ she said. ‘‘For more than a year, the in­sti­tute has fought for ma­jor le­gal re­forms dur­ing the re­view of the Prop­erty Agents and Mo­tor Deal­ers Act and the split­ting of the PAMD Act into oc­cu­pa­tion- spe­cific leg­is­la­tion.’’

At­tor­ney-Gen­eral Jar­rod Blei­jie said ‘‘Queens­lan­ders will have a far sim­pler and stream­lined sys­tem un­der this gov­ern­ment. 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.’’

He said re­duc­ing gov­ern­ment forms and in­cor­po­rat­ing warn­ing state­ments into con­tracts was com­mon­sense.

‘‘Buy­ing a house or car 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.’’

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