Life made easy for Queenslanders buying off the plan

Young families and property buyers will have access to more information than ever before thanks to new red tape busting reforms introduced in Parliament yesterday.

Attorney-General and Minister for Justice Jarrod Bleijie said the new laws would revitalise frontline services for Queensland families as promised at the election, by making it easier to obtain key information about a proposed off the plan property during the sale process.

“Buying a property is one of the biggest decisions we make in our lifetime, so it’s vital that consumers know exactly what they’re signing up for,” Mr Bliejie said.

“By modernising the current system, consumers will have easy access to more meaningful data on things like proposed earth works, the construction of buildings and other structures like retaining walls – all significant factors to consider before entering into a contract.

“For community titles developments, buyers will be informed about the size, location and floor level of the apartment as well as details of common property on the same floor.

“This Government is delivering on its election commitment to revitalise frontline services for families by allowing greater transparency and stronger protections for homebuyers taking a leap of faith on off the plan land, units or apartments.”

Mr Bleijie said the new reforms were also a win for the property sector, which for many years had been overburdened by unnecessary and cumbersome regulation under the former Labor Government.

“We have a strong plan for a brighter future and an important part of that future is growing our construction industry, as part of a four pillar economy, as we promised at the election,” he said.

“After extensive consultation with the property industry, administrative processes will be streamlined to avoid the need for complicated forms, and duplicated disclosure obligations will be removed.

“Buyers and sellers will also be given the freedom to make their own contractual agreement on small non-community title developments of 5 lots or less to remove undue interference from Government.

“By reducing bureaucratic involvement in minor negotiations, it will also reduce costs and other burdens to Queenslanders buying and selling property.”

Other reforms include:

• Removing  restrictions on selling unregistered, reconfigured land by allowing it to be sold prior to receiving the relevant development permits
• Increasing the maximum deposit limit from 10 to 20 per cent of the purchase price to help finance major projects
• Removing offences relating to compliance with seller disclosure requirements where buyer termination rights apply
• More flexibility for buyers and sellers of proposed lots in community titles schemes to contractually agree on the time for the seller to provide a title transfer form, up to 5.5 years
• Modernising legislative terminology and streamlining  buyer termination rights for different types of developments

“These reforms continue the Government’s record on delivering real support to Queensland’s four pillar economy and mark an important step towards our goal to reduce red tape by 20 per cent over the next six years,” he said.

Source: News Release Attorney-General Jarrod Bleijie, 04 June 2014

http://statements.qld.gov.au/Statement/2014/6/4/life-made-easy-for-queenslanders-buying-off-the-plan