The Real Estate Institute of Queensland (REIQ) has welcomed two landmark pieces of legislation which will cut red tape and make it simpler to buy and sell real estate across the State.

According to the REIQ, the tabling of the Property Occupations Bill (PO Bill) and the Agents Financial Administration Bill (AFA Bill) into parliament on 21 Novermber 2012 was the end result of more than 12 months of collaboration between the State Government and industry.

REIQ chairman Pamela Bennett said the Institute had fought for industry-specific legislation for many years.

“The real estate sector has long been legislatively bundled in with a variety of other occupations and the REIQ always felt that our profession deserved its own specific legislation,” she said.

“For more than a year, the Institute has fought for major legal reforms during the review of the Property Agents and Motor Dealers Act (PAMD Act) and the splitting of the PAMD Act into occupation-specific legislation.

Key changes in the proposed legislation simplify and streamline the process of buying and selling real estate in Queensland.

Proposed legislative amendments include:

• Removing the requirement for agents to disclose to a buyer the commission the agent is receiving from the seller;
• Extending the statutory limit on lengths of appointments for a sole or exclusive agency from 60 days to 90 days to better reflect market realities;
• Deregulating the maximum commissions’ payable;
• Abolishment of a separate Warning Statement instead this will be included in the relevant contract; and
• Stricter disclosure of third party benefits to buyers.

REIQ CEO Anton Kardash said the PO Bill provided a mix of improved conditions for both agents and consumers.

“The REIQ always wanted this landmark piece of legislation to provide much-needed simplification and clarification for real estate agents and consumers alike.

“The majority of the changes also allow for the real estate industry to become more professional and ultimately more accountable.”

Attorney-General Jarrod Bleijie said the overhaul of the PAMD Act will allow Queenslanders to make big purchases without the unnecessary burden of red tape and regulation.