{"id":282,"date":"2014-05-14T20:54:28","date_gmt":"2014-05-14T10:54:28","guid":{"rendered":"http:\/\/craigray.com.au\/admin\/?p=282"},"modified":"2014-05-14T21:04:53","modified_gmt":"2014-05-14T11:04:53","slug":"major-changes-to-residential-conveyancing-are-almost-here","status":"publish","type":"post","link":"https:\/\/craigray.com.au\/admin\/major-changes-to-residential-conveyancing-are-almost-here\/","title":{"rendered":"Major changes to residential conveyancing are almost here"},"content":{"rendered":"<p><a href=\"http:\/\/craigray.com.au\/admin\/wp-content\/uploads\/2014\/03\/Sold-sign-2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-92 alignleft\" alt=\"Sold-sign-2\" src=\"http:\/\/craigray.com.au\/admin\/wp-content\/uploads\/2014\/03\/Sold-sign-2.jpg\" width=\"216\" height=\"200\" \/><\/a><\/p>\n<p>On 6 May 2014 the Queensland Parliament passed the long anticipated <em>Property Occupations Act 2014<\/em>. The Act will repeal the current law regulating residential conveyancing, off-the-plan sales and real estate agents in Queensland under the <em>Property Agents and Motor Dealers Act 2000<\/em>. The new law will not take effect until it is &#8220;proclaimed&#8221;&#8211;sometime in the coming months.<\/p>\n<p>The State Government has committed itself to reforming the real estate industry and has conducted lengthy stakeholder consultation.<\/p>\n<p>Once proclaimed the law will:<\/p>\n<ul>\n<li>abolish the statutory maximum commission that real estate agents can charge<\/li>\n<li>remove the requirement for real estate agents to disclose to buyers the commission they are charging<\/li>\n<li>abolish certain consumer protection measures, including the Warning Statement and Body Corporate Information Sheet that presently must be attached to residential contracts<\/li>\n<li>abolish price guides for properties sold at auction<\/li>\n<li>abolish the restriction that prevents an agent receiving a commission when they have a beneficial interest in a property as buyer or seller<\/li>\n<li>remove the statutory cooling-off period for certain buyers who enter into contracts for properties passed in at auctions<\/li>\n<li>remove the requirement of an independent solicitor&#8217;s certificate to be provided to waive or shorten the cooling-off period<\/li>\n<\/ul>\n<p>Once proclaimed the new\u00a0<em>Property Occupations Act 2014<\/em>\u00a0will affect many different stakeholders in the real estate industry as it seeks to reduce red-tape, simplify the paperwork involved in buying and selling residential property and deregulate aspects of the real estate industry.<\/p>\n<p>Buyers should be aware of the changes that will soon come into effect. All parties to a residential property transaction are strongly encouraged to seek legal advice before signing a contract.<\/p>\n<p>The Attorney-General&#8217;s press release can be found <a href=\"http:\/\/statements.qld.gov.au\/Statement\/2014\/5\/7\/property-reforms-an-easy-sell-for-queensland\">here<\/a>. The Queensland Law Society&#8217;s press release can be found <a href=\"http:\/\/www.qls.com.au\/About_QLS\/News_media\/Media_releases\/Cooling_off_period_hot_topic_for_property_purchasers\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 6 May 2014 the Queensland Parliament passed the long anticipated Property Occupations Act 2014. The Act will repeal the current law regulating residential conveyancing, off-the-plan sales and real estate agents in Queensland under the Property Agents and Motor Dealers Act 2000. The new law will not take effect until it is &#8220;proclaimed&#8221;&#8211;sometime in the [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14,11,12,15,13],"tags":[23,16,17,24,18],"class_list":["post-282","post","type-post","status-publish","format-standard","hentry","category-conveyancing","category-law-reform","category-new-laws","category-real-estate","category-regulation-of-professions","tag-conveyancing-2","tag-pamda","tag-property-occupations-act","tag-real-estate-agents","tag-reiq-standard-contract"],"_links":{"self":[{"href":"https:\/\/craigray.com.au\/admin\/wp-json\/wp\/v2\/posts\/282","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/craigray.com.au\/admin\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/craigray.com.au\/admin\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/craigray.com.au\/admin\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/craigray.com.au\/admin\/wp-json\/wp\/v2\/comments?post=282"}],"version-history":[{"count":0,"href":"https:\/\/craigray.com.au\/admin\/wp-json\/wp\/v2\/posts\/282\/revisions"}],"wp:attachment":[{"href":"https:\/\/craigray.com.au\/admin\/wp-json\/wp\/v2\/media?parent=282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/craigray.com.au\/admin\/wp-json\/wp\/v2\/categories?post=282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/craigray.com.au\/admin\/wp-json\/wp\/v2\/tags?post=282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}