The Queensland Government has passed the Land Sales and Other Legislation Amendment Bill 2014. The new legislation addresses a significant number of issues. These issues included disclosure requirements, trust money processes and security instrument protections.
Industry groups such as the Queensland Law Society and the REIQ have applauded the new legislation. The changes will benefit buyers, developers and the Queensland economy.
The changes will improve the level of disclosure for buyers so they can make well-informed purchase decisions.
Developers will also benefit as the changes provide more certainty regarding transaction requirements and technical definitions so projects can proceed with greater confidence.
It is expected that these benefits will contribute to the strengthening and growth of Queensland’s property market.
Property transactions are significant financial undertakings and we encourage people to consult a solicitor well before committing to anything.
We will let you know as soon as the Bill receives assent and the forms and contracts are finalised.
If you have any queries about the new legislation, kindly let us know.
