The Property Occupations Act 2014 came into effect on 1 December 2014 and has significantly changed the regulation of the real estate industry and consumer protection in buying and selling real estate.
In addition to the new laws, the Real Estate Institute of Queensland has published the tenth edition of the standard contract for the sale and purchase of residential homes. The contract has been endorsed by the Queensland Law Society and is now in use.
There have been many practical changes for those working in and interacting with the real estate industry. Real estate agents now have different disclosure requirements to buyers and sellers. There is no longer a mandatory Warning Statement attached to residential contracts. Forms and procedures have changed, especially in relation to the shortening or waiving of cooling-off periods.
We anticipate that eConveyancing will arrive in May 2015 when we will see the end of bank cheques and paper documents being exchanged at physical settlements. Watch this space in 2015 for news and updates.
If you have any concerns or questions in relation to how the new legislation or contract may affect your conveyance, please do not hesitate to contact us.