REIQ welcomes Queensland property and real estate reforms

REIQ has welcomed property and real estate reforms passed in State Parliament this week that will see a shift away from the one size fits all approach.

THE Real Estate Institute of Queensland has welcomed property and real estate reforms passed in the Queensland Parliament this week that will see a shift away from the one size fits all approach of the past decade.

The Property Agents and Motor Dealers Acts was passed in State Parliament on Tuesday evening which resulted in the legislation being split into separate industry-specific bills to allowing for a more streamlined process when purchasing property in Queensland.

Key changes adopted under the new legislation include removing the requirement for agents to disclose to a buyer the commission the agent is receiving from the seller, deregulating agents' commissions aligning Queensland with other states and maintaining the existing cooling off period of five days.

REIQ chairman Rob Honeycombe said on Wednesday the simplified laws would deliver important benefits for both real estate professionals and consumers.

"The REIQ has been fighting for industry-specific legislation for many years on behalf of our members and for the betterment of the entire profession in Queensland," he said.

"Previously, the real estate sector has long been legislatively bundled in with a variety of other occupations and the REIQ always felt that our profession deserved its own specific legislation.

"The new laws will also empower consumers as never before, making it easier than ever for them to navigate the entire spectrum of real estate transactions."

Queensland Law Society president Ian Brown said the new legislation would simplify the residential sales process and was a big step forward for the property industry.

However, he urged potential homeowners to take care when finalising their contracts with changes to cooling off periods soon coming into effect.

"Previously, waiving or shortening the cooling off period required a certificate from an independent lawyer which demonstrated that the lawyer has explained to the buyer the effect of the contract, the certificate and the effect of waiving your cooling off rights," he said.

"Under the new laws, a buyer personally can waive their cooling off rights simply through written notice to the seller.

"It is important for buyers to be aware of this change and be cautious when purchasing property, especially if you are unfamiliar with Queensland's property laws."

Attorney-General Jarrod Bleijie said the new legislation was a win-win situation for everyone.

"Buying a house or car is one of the biggest decisions we can make in our lifetime and the simpler we make the process, the greater Queenslanders are protected," he said.

Originally published as REIQ welcomes Queensland property and real estate reforms