A single document will replace the six that are often required to sell a property in Queensland, the state government has announced.
“Simplifying the paper work involved in a residential property contract will not only help conveyance lawyers and real estate agents but we believe the public will benefit from less paperwork and associated costs.”
The move, which may come into effect as early as late February, is expected to reduce legal costs and cut the number of forms that homeowners often required to sell their property.
Ms Bligh said that currently, requirements in a house contract may include the need for a Sustainability Declaration, a Pool Safety Declaration, a Warning Statement, an Information Sheet, Disclosure Statement and of course the contract of sale.
“At the moment each one of these means a separate form, each with a fee, and often repeating the same type of information," said the Premier.
“We intend to rid the industry of unnecessary complications making it easier to buy and sell a home in Queensland.”
The move has been welcomed by Raine & Horne CEO, Angus Raine, who said he was pleasantly surprised the government was moving so quickly on the matter.
“Anything that can simplify the sales process should be applauded,” he told Real Estate Business.
He said the proposed change should bring the Sunshine State more in line with the property sales process in other states.
The Real Estate Institute of Queensland (REIQ) also lauded the state government’s proposal.
“It makes sense to introduce a single regime which incorporates the existing requirements into one document,” REIQ CEO Anton Kardash said.
As part of the change, Ms Bligh said the government would also look at phasing out the current ‘sustainability declaration’ needed to sell a home.
“Many of the measures contained in it are increasingly being covered by building code requirements,” she said.
The Premier said her government planned to work closely with Real Estate Institute of Queensland (REIQ) and the Queensland Law Society (QLS) to structure the ‘one contract’.
“Additionally, we also propose to discuss with REIQ and QLS the potential to incorporate flood mapping data into the ‘One Contract’, pending the recommendations of the Queensland Floods Commission of Inquiry.”