Australian Property News
Red tape slashed in housing market paperwork
Posted on Monday, January 23 2012 at 3:26 PM
Homebuyers and sellers in Queensland will soon be using just one contract, under a plan to slash red tape in the housing market.
The move, expected to be finalised by the end of February, could decrease legal costs and reduce the number of forms, according to Queensland Premier Anna Bligh.
“Simplifying the paperwork 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,” Bligh says.
The requirements in a house contract currently include the need for a sustainability declaration, a pool safety declaration, a warning statement, an information sheet, disclosure statement and 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,” Bligh says.
“We intend to rid the industry of unnecessary complications making it easier to buy and sell a home in Queensland.”
The Queensland Government is also proposing to incorporate flood mapping data into the ‘one contract’, pending the recommendations of the Queensland Floods Commission of Inquiry.
Follow us on Twitter.
Was this article helpful? Place a link to it from your website, or share it using the button below.
Cash rate unmoved for another month
Property investment body calls for balanced approach
Loans to investors still high – but investors should take care
Affordability index sees fall in June quarter
Another big lender makes investor loan changes
50% of investors plan to buy in next year