Look­ing for­ward to fu­ture

The Courier-Mail - Property - - MARKETOUTLOOK - - REIQ chair­man Pamela Ben­nett

QUEENS­LAN­DERS voted for change last Satur­day and the REIQ is ready.

The in­sti­tute is look­ing for­ward to work­ing with the new Queens­land Gov­ern­ment to se­cure a num­ber of key is­sues that con­tinue to im­pact the real es­tate pro­fes­sion.

Both ma­jor po­lit­i­cal par­ties promised to fix red tape in the real es­tate trans­ac­tion process, which the REIQ whole­heart­edly sup­ports.

Camp­bell New­man promised dur­ing his elec­tion cam­paign that within the first 30 days of tak­ing of­fice, he would com­mence draft­ing of leg­isla­tive amend­ments to re­duce real es­tate red tape by scrap­ping sus­tain­abil­ity dec­la­ra­tions and stream­lin­ing home sale con­tracts and state­ments.

The new Premier has also promised that within the first 100 days, he would be­gin the process of re­in­stat­ing the prin­ci­pal place of res­i­dence con­ces­sion on stamp duty from July 1, 2012.

The re­moval of the con­ces­sion has been a fi­nan­cial bur­den on buy­ers since it was re­pealed on July 1 last year.

The LNP has also com­mit­ted to act­ing on the rec­om­men­da­tions in the Queens­land Floods Com­mis­sion of En­quiry.

One of the rec­om­men­da­tions was for the Queens­land Gov­ern­ment, in con­sul- tation with the REIQ and the Queens­land Law So­ci­ety, to con­sider im­ple­ment­ing a mech­a­nism by which prospec­tive buy­ers of prop­erty are alerted to the is­sue of flood risk.

It was sug­gested this may be achieved by the in­clu­sion of a sub­ject to flood search con­di­tion in con­tracts of sale.

If both par­ties are com­mit­ted to re­duc­ing red tape, then it makes no sense to leg­is­late to in­clude yet an­other con­di­tion in the res­i­den­tial con­tract. Al­ready the con­tract of sale in­cludes con­di­tions rang­ing from pool safety is­sues to smoke alarms and each dis­clo­sure is re­quired at dif­fer­ent times.

To cir­cum­vent these dif­fer­ing dis­clo­sure deadlines, the REIQ has pre­vi­ously rec­om­mended to gov­ern­ment that a com­pul­sory seller dis­clo­sure regime be im­ple­mented in Queens­land.

The REIQ’S pro­posed seller dis­clo­sure doc­u­ment would be made avail­able to buy­ers prior to a con­tract of sale be­ing signed and would in­clude the ma­jor­ity of rel­e­vant in­for­ma­tion about the prop­erty.

This is a much sim­pler op­tion and would al­le­vi­ate in­stances where a buyer finds out in­for­ma­tion about a prop­erty but can­not do any­thing about it be­cause the con­tract is al­ready un­con­di­tional.

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