The Property Council has provided a submission to the Legal Affairs and Community Safety Parliamentary Committee on the Land Sales and Other Legislation Amendment Bill 2014.
A lengthy consultation process involving key stakeholders has resulted in the Property Council’s support for a Bill that will reduce disclosure requirements and time and cost impost on a seller, while maintaining buyer protection and a streamlined sale process.
Key issues supported by the Property Council include:
- An increase in the purchase deposit allowed on an off-the-plan contract
- Alignment of disclosure requirements between legislation and transfer of disclosure requirements
- The removal of provisions for offences relating to a contravention of seller disclosure
- Ensuring any further statements which aim to rectify inaccuracies in a building/volumetric or standard format lot plan must be certified by a surveyor
- The option for a seller to automatically extended to a 5 ½ year contract sunset date.
The Property Council’s submission can be found here.