Red Tape Slashed for Local Real Estate Industry


Local MPs have supported changes to Queensland's Body Corporate laws which will reduce red-tape and regulation for the local real estate industry. cpa daily Hemorexal.

Mr Trevor Ruthenberg said the changes announced in Parliament last week would remove unnecessary disclosure requirements, which have been causing problems for sellers.

"The changes will also mean sellers will no longer have to provide a copy of a Community Management Statement (CMS)," Mr Ruthenberg said.

"This is great news for industry as it will potentially save hundreds of pages of red tape."

"Last year Labor amended the Body Corporate and Community Management Act to force sellers and their agents to provide a copy of the CMS to buyers with the contract."

"Some CMS's may only be eight pages long, but for large and developed schemes they can be up to 100 pages or more."

"While they are important, they are also technical and the Government is not convinced that their inclusion in sale contracts serves the interests of the buyer."

"Although they were added to make the process clearer, more often than not they led to confusion not clarity."

"The Newman Government wants to make buying and selling property in Queensland easier."

"Prospective buyers will still be able to obtain a Community Management Statement from the Registrar of Titles at any time as part of the normal due diligence process."

Mr Seath Holswich said the changes have also removed the controversial reversion process for community title schemes, introduced by the former Government.

"This reversion process has disadvantaged many lot owners, who have been forced to pay thousands of dollars more each year in body corporate fees," Mr Holswich said.

"Our changes abolish the reversion provision so that no more can been undertaken, any currently under way will be stopped and any that have occurred since April 2011 can be undone."