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    Coat of ArmsMedia Release
    Minister for Tourism and Fair Trading
    The Honourable Peter Lawlor

    New real estate contract laws passed by Parliament

    Minister for Tourism and Fair Trading
    The Honourable Peter Lawlor

    Wednesday, August 18, 2010

    New real estate contract laws passed by Parliament

    Amendments to the Property Agents and Motor Dealers Act 2000 passed by Parliament will simplify and streamline the residential real estate contract process in Queensland.

    Minister for Fair Trading Peter Lawlor said the amendments, which were in response to industry concerns and a number of court cases, will make the process for delivering real estate contracts less onerous and less prescriptive.

    “Currently the process of delivering real estate contracts is very prescriptive,” Mr Lawlor said.

    “As a result, a buyer could terminate a contract for a technical breach as simple as a page being out of order when a contract is faxed. These amendments will protect vendors from such technical breaches.

    “Importantly, consumers will not lose any of their vital protections and the right to a cooling-off period, as well as the provision of important information in a warning statement, remains unchanged.”

    “A buyer will still have the right to terminate a contract if the agent failed to give a clear statement alerting the buyer to the warning statement.”

    Mr Lawlor said the amendments will commence on 1 October 2010.

    “Parallel amendments are also made to the Body Corporate and Community Management Act 1997 to streamline the approach to the presentation and delivery of real estate contracts for the sale of lots in community titles schemes,” he said.

    “A number of other minor amendments are also made to cut red tape for businesses, such as removing the requirement for licensees to advise of their intention to open a trust account.

    "Licensees receiving money in trust must still deal with that money honestly and properly, and safeguard the interests of the person the money belongs to.”

    Fair Trading will hold information sessions for real estate agents and solicitors about the amendments to encourage best practice for the contract process.

    These reforms ensure that Queensland's real estate regulatory framework is responsive to changes in the marketplace and make the process clearer and more straightforward for agents, lawyers, sellers and buyers.

    Media contact: Minister’s Office 3225 1005