Queensland government pass off the plan reforms
Queensland's Parliament have passed reforms which seek to cut red tape in the state's construction industry.
According to Attorney-General Jarrod Bleijie, the Land Sales and Other Legislation Amendment Bill 2014 would simultaneously improve buyer protection.
Unregistered, reconfigured land can now be sold prior to receiving the relevant development permits.
The maximum deposit limit has lifted from 10% to 20% of the purchase price to help finance larger projects.
Offences relating to compliance with seller disclosure requirements were lifted where buyer termination rights apply.
The Property Council of Australia noted that it contains “wins” for the property industry, including removing a buyer's ability to terminate a sale based on the ‘significant variation test’.
“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,” said Bleijie.
“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 title developments the buyers will be told the size, location and floor level of the apartment in addition to details of common property on their floor.
Duplicated disclosure obligations were removed to reduce complicated forms, he said.
Buyers and sellers are also now able to make their own contractual agreement on smaller non-community title developments of five lots or less.
