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Longer cooling-off period rejected by REI

Longer cooling-off period rejected by REI

by Reporter 0 comments

Steven Cross

The Real Estate Institute of Tasmania (REIT) is urging its members to reject proposed laws which will increase cooling-off periods and give buyers the right to a building inspection in that time.

REIT president Adrian Kelly told Tasmanian newspaper The Examiner that the changes did not address the real problems with the transaction process.

"What it will do is slow down the entire sales process, a process which in Tasmania remains simple, cost effective and robust," Mr Kelly said.

The bill extends the cooling-off period for purchasers from three to five days, gives buyers the right to get a building inspection done during that period and strengthens requirements for documentation.

He told The Examiner that the REIT's concerns about a flat property market had been ignored.

"We also raised concerns on numerous occasions about the extra cost, particularly for those who can least afford it, including blue-collar workers, first home buyers and the elderly," Mr Kelly said.

Principal of Ray White central Hobart, Ant Manton, told Real Estate Business that the industry in general doesn’t like change.

"The concerns from the Institute are mainly that they were consulted for the draft bill, and Consumer Affairs is going around claiming they have the support of the industry when in reality, they haven’t taken on the Institute’s advice at all," he said.

“Personally, I have no issue with it - the industry should be going in that direction and our business is heading that way anyway.

“The industry shouldn’t have anything to fear, although I do feel that some of the penalties are a bit onerous. The timeframes given aren’t exactly fair, but if it’s passed it’s just something we have to work with.

“The information we have to supply as agents isn’t easily accessible, so I think the main issue with agents is that they don’t want to be penalised for not complying within the timeframe.”

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Longer cooling-off period rejected by REI
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