Whether you’re planning to buy or sell a residential property, there are laws to follow depending on your state. If you live in Queensland, for instance, you should have at least an idea about the changes that’s happening to keep you updated. Hiring a Gold Coast, Hervey Bay, or Brisbane residential property lawyer is a good idea to get further assistance.
Read the following to know more information about the recent changes in property law:
Change in Definition (Property)
The term residential property will have a new definition: “a property that is used or intended to be used for residential purposes, but excludes property used primarily for the purposes of industry, commerce, or primary production.” By removing the contractual termination right for residential properties, many say that this might also lead to litigation.
Change in Definition (Buyer)
The new legislation is excluding buyers from the operations of transactions related to auction, contract options, public list of the same corporation or subsidiary, state or statutory body, and multiple property sales whether or not in the same contract.
The government has approved the new Property Occupations Bill to replace parts of the Property Agents and Motor Dealers Act (PAMDA). This makes residential property contracts easier by removing inconsistencies that allow buyers to terminate for technical breaches. It also changes how they’ll appoint and license real estate agents.
No More Warning Statements
An information sheet and PAMDA Form 30c aren’t necessary attachments anymore, as agents and sellers don’t need to use a warning statement to inform their buyers. Instead, the contract itself will have such information. If you fail to meet this requirement, you will not get a termination right and have to pay a fine of up to $22,000.
These are only some of the recent changes that happened to Queensland residential property transactions. For an in depth discussion, it won’t hurt talking to a property lawyer about these matters.