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Increased transparency for off-the-plan purchases

By Staff Reporter
1

New laws in Queensland will give buyers of uncompleted properties greater access to information and more freedom to negotiate contract terms.

The changes, passed in state parliament overnight, will mean investors buying community-title developments will be entitled to more details about their purchase, including its size, location, floor level and common property inclusions.

In addition, buyers will be made aware of key information such as proposed earthworks or the building of other structures during the sales process.

“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,” Minister for Justice Jarrod Bleijie said.

Under the changes, buyers and sellers can now make their own contractual agreements when buying into small non-community title developments of five lots or less.

Administrative processes will also be streamlined to avoid complicated documents and duplication in disclosure requirements.

Under the new framework, unregistered, reconfigured land can now be sold prior to receiving development permits.

The maximum deposit limit has also been lifted from 10 to 20 per cent, to allow investors to buy off-the-plan with less capital up front.

Buyers and sellers will be able to contract for an extended time – up to 5.5 years – to provide a title transfer form.

Finally, the changes have removed offences relating to compliance with seller disclosure requirements when buyer termination rights apply.

“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."

The changes, passed in state parliament overnight, will mean investors buying community-title developments will be entitled to more details about their purchase, including its size, location, floor level and common property inclusions.

In addition, buyers will be made aware of key information such as proposed earthworks or the building of other structures during the sales process.

“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,” Minister for Justice Jarrod Bleijie said.

Under the changes, buyers and sellers can now make their own contractual agreements when buying into small non-community title developments of five lots or less.

Administrative processes will also be streamlined to avoid complicated documents and duplication in disclosure requirements.

Under the new framework, unregistered, reconfigured land can now be sold prior to receiving development permits.

The maximum deposit limit has also been lifted from 10 to 20 per cent, to allow investors to buy off-the-plan with less capital up front.

Buyers and sellers will be able to contract for an extended time – up to 5.5 years – to provide a title transfer form.

Finally, the changes have removed offences relating to compliance with seller disclosure requirements when buyer termination rights apply.

“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."

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