Young families and property buyers in Queensland will have easier access to more information than ever before thanks to new red tape busting reforms introduced in Parliament.
Attorney-General and Minister for Justice Jarrod Bleijie explains 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.
According to Mr Bliejie, buying a property is one of the biggest decisions people make in their lifetime; it is important therefore that consumers know exactly what they’re signing up for. By modernising the current system, consumers will have easy access to more meaningful data on things such as proposed earth works, the construction of buildings and 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.
These reforms are part of the Government’s 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. Going forward from their election promise to develop the construction industry as part of a four pillar economy, the Government, after extensive consultation with the property industry, will streamline administrative processes to avoid the need for complicated forms, and remove duplicated disclosure obligations.
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.
Key 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; and modernising legislative terminology and streamlining buyer termination rights for different types of developments.