Strong ‘off the plan’ reforms for buyers and builders
Families buying a new home will be better protected and Queensland’s construction industry will continue to be revitalised under red tape-busting reforms passed in Parliament overnight.
Attorney-General and Minister for Justice Jarrod Bleijie said the Land Sales and Other Legislation Amendment Bill 2014 built on the Government’s commitment to grow Queensland’s four pillar economy and revitalise frontline services by cutting waste and red tape.
“These reforms will make Queensland an even more attractive place to live and work by promoting growth and investment, which in turn creates jobs and opportunities for Queenslanders,” Mr Bleijie said.
“They are a win for families and the industry by increasing buyer protection and reducing burdensome red tape for ‘off the plan’ housing projects at the same time.
“Buying a property is one of the biggest decisions most people make in their lifetime, so it’s vital that consumers know exactly what they’re signing up for.
“By modernising the current system, families wanting to buy a new home will have easier access to key information about a proposed off the plan property – such as proposed earth works, the construction of buildings and other structures like retaining walls – during the sale process.
“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.”
Mr Bleije said after extensive consultation with the property industry, administrative processes would also be streamlined to avoid the need for complicated forms while duplicated disclosure obligations would be removed.
Buyers and sellers would also be given the freedom to make their own contractual agreement on small non-community title developments of five lots or less to remove undue interference from Government.
He said the reduction in bureaucratic involvement in minor negotiations, would 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 ½ years;
- Modernising legislative terminology and streamlining buyer termination rights for different types of developments.
“These reforms continue the LNP 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,” Mr Bleijie said.