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The removal of the concession has been a financial burden on buyers since it was repealed on July 1 last year.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