The transfer of land titles in Queensland is set to become easier, with the State recently passing legislation which streamlines the process of purchasing 'off the plan' property transactions and conveyancing.
The new legislation will amend sections of the Land Sales Act 1984 (QLD), the Body Corporate and Community Management Act 1999 (QLD) and the contract provisions found in the Property Law Act 1974 (QLD).
By reducing the "red tape" that comes with these acts, it is going to be easier to undertake property transactions in the State, according to a press release from Attorney-General Jarrod Bleijie.
These changes followed extensive industry consultation in order to establish the specific legislative obstacles that property developers are facing. The state government hopes that removing these barriers will lead to a new round of construction work for residential property in the area, according to Mr Bleijie.
The aim of this legislation is to remove red tape around areas like disputed trust account monies while also streamlining buyer termination rights for different types of developments.
In a press release from earlier this year, Mr Bleijie pointed to the value that this change would bring for buyers.
"By modernising the current system, consumers will have easy access to more meaningful data on things like proposed earth works, the construction of buildings and other structures like retaining walls – all significant factors to consider before entering into a contract," said Mr Bleijie.
"Buyers and sellers will also be given the freedom to make their own contractual agreement on small non-community title developments of five lots or less to remove undue interference from Government."
While this new legislation will make it easier for buyers and property developers to conduct an exchange of property, it is still important to consult with a conveyancing lawyer. They will be able to advise on the exact legal requirements that come with these transaction and ensure the process runs smoothly.