A new era for Queensland Real Estate

THIS is the first weekend that Gold Coast Agents in QLD will have to deal with the new Property Occupations Act which governs real estate salespeople and property managers replacing the old Property Agents and Motor Dealers Act.

First National Real Estate agents around the state are having to deal with a range of new and more simplified and streamlined paperwork when buying, selling or renting property.

Some of the biggest impacts to the public will be agents are now restricted from providing price guides, opinions and indicators on any property when there is no official price such as auctions or tender properties. Commission Rates for selling your home is now deregulated and will no longer have a fixed ceiling.


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The official REIQ Media release:

NEW ERA FOR QUEENSLAND REAL ESTATE AS PROPERTY OCCUPATIONS ACT COMES INTO FORCE

Monday 1 December 2014

Queensland real estate has entered an exciting new era with the commencement today of the Property Occupations Act.

Real Estate Institute of Queensland (REIQ) CEO Antonia Mercorella said the new industry-specific real estate laws would cut red tape, simplify transactions and increase transparency.

“It’s been a long time coming, but it’s been worth the wait for these new laws,” Ms Mercorella said.

“They’re specifically tailored to the realities of the modern real estate profession and will make life much easier for agents and consumers.

“The laws eliminate a lot of costly paperwork that’s been hampering agents and they feature practical reforms which will simplify real estate transactions in Queensland.

“These reforms will help agents to get out of the office and back into the field, where true success lies.”

Ms Mercorella said the REIQ had spent many years lobbying governments on both sides of the political divide for these laws.

“We applaud the State’s lawmakers for making these new laws a reality,” she said.

“I also want to acknowledge the contribution of REIQ members, whose input has helped to shape the new laws.”

Ms Mercorella said some of the key changes in the Property Occupations Act included:

  • The replacement of seven separate agent appointment forms with a single standardised form;
  • Removing the requirement for agents to disclose to a buyer the commission the agent is receiving from the seller;
  • Extending the statutory limit on lengths of appointments for a sole or exclusive agency from 60 days to 90 days to better reflect market realities;
  • Prohibition of price guides for residential auction sales (with some important exceptions);
  • Abolition of a separate Form 30 Warning Statement which will be replaced by a short prescribed statement included in a relevant contract; and
  • Deregulating the maximum commission rates for residential real estate sales and property management.

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