New legislation a headache for agents: REIQ

New legislation a headache for agents: REIQ

13 November 2009 by Staff Reporter 0 comments

The Queensland government has passed a new law that could seriously hinder the way agents market a property, according to the Real Estate Institute of Queensland (REIQ).

Due to be implemented on 1 January 2010, the Sustainability Declaration Bill requires sellers to summarise the energy, water, safety and access features of a house, unit or townhouse for prospective buyers and must be completed before any property marketing can begin.

REIQ managing director Dan Molloy said the new legislation was disappointing because, unlike other pieces of legislation affecting the real estate profession, the REIQ was not given the chance to review the bill before it was introduced.

“From 1 January 2010, an agent will be unable to market a property for sale until this form is provided to them by the seller,” Mr Molloy said.

“If the declaration is not completed, or made available to buyers, there are substantial fines for both the sellers and agents involved even though the information gathered will never be collated or analysed in any way by government.

“It is disappointing to see that we were not even consulted on the final version of the declaration before it was released.”

The Queensland government has passed a new law that could seriously hinder the way agents market a property, according to the Real Estate Institute of Queensland (REIQ).

Due to be implemented on 1 January 2010, the Sustainability Declaration Bill requires sellers to summarise the energy, water, safety and access features of a house, unit or townhouse for prospective buyers and must be completed before any property marketing can begin.

REIQ managing director Dan Molloy said the new legislation was disappointing because, unlike other pieces of legislation affecting the real estate profession, the REIQ was not given the chance to review the bill before it was introduced.

“From 1 January 2010, an agent will be unable to market a property for sale until this form is provided to them by the seller,” Mr Molloy said.

“If the declaration is not completed, or made available to buyers, there are substantial fines for both the sellers and agents involved even though the information gathered will never be collated or analysed in any way by government.

“It is disappointing to see that we were not even consulted on the final version of the declaration before it was released.”

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