- New Property Occupations Act comes into effect Dec 1
- Can I sell my property while it is currently leased?
- How long should it take to sell my property?
- What is an exclusive listing?
- What is an open listing?
- What is the agents role at an open house?
New Property Occupations Act comes into effect Dec 1
The real estate world is changing in Queensland
From December 1 industry specific laws will replace the then out dated Property Agents adn Motor Dealers Act, to be replaced by the incoming Property Occupations Act 2014.
What does this mean for you and for us?
Firstly the new Act will simplify the requirements within the industry.
Industry red tape will be reduced and relaxation to licence requirements for developers and agencies are to come into effect.
For the consumer and the agent the single biggest difference is the simplified 1 form for clients to appoint a property agent, as opposed to the 7 forms that currently exist.
Other key changes for property agents include:
1. no longer required to state how they will perform their servies
2. indicate the section of the appointment form that explains the different types of appointments, eg open, sole or exclusive
3. The maximum term of appointment is now 90 days for a sole or exclusive, however these may be terminated after 60 days if needed by the client.
4. End dates no longer required for continuing appointments
5. Deregulated limit on sale commission, meaning agents will be able to negotiate any commission with their clients.
6. Warning Statements no longer required for buyer or sellers with residential property contracts
7. Agents now will also be able to charge commission even though they have beneficial interest in a transaction so long as they declare this to the seller.
8. Buyers no longer require a lawyers certificate to waive or reduce their cooling off period.
These changes along with the single form aims to make the real estate industry more efficient and effective for both the seller and buyer.
You can read more about these changes on our website here
Can I sell my property while it is currently leased?
You are able to sell your property while it is being leased, but any potential buyer must be told there is a current lease in place and that the property will not be sold with vacant possession.^ back to top
The tenant has the right to occupy the residence until the end of the lease term unless advised otherwise.
How long should it take to sell my property?
Once your property is placed on the market the length of time it takes to sell depends on a number of circumstances.^ back to top
The biggest factor is the price required to secure a sale, with auctions generally being the most effective way of achieving the desired price at a short time frame.
Alert Property Group can provide you with a Days on Market Report for similar properties like yours.
What is an exclusive listing?
With an exclusive listing authority you appoint only one agent to market and sell your property. This may entitle the agent to be paid commission if the property is sold during the period of the authority. Exclusive listings are the most common authority used in residential property sales.^ back to top
What is an open listing?
An open listing authority is whereby you appoint the services of a number of agents to list and sell your property.^ back to top
You only are expected to pay commission to the agent who achieves the successful sale.
The benefit of this type of listing is that your property may be advertised across a wider spectrum of potential buyers.
The downside is that you may not receive the same attention as you would have by engaging the services of one exclusive agent.
What is the agents role at an open house?
An agents job at an open house inspection is to listen closely and observe the buyer interest in the property. By engaging in conversation, the agent can learn more about the market opinion of the property as well as understanding the buyers requirements. It should be noted that the buyers also need to be able to inspect the property without the pressure of the agent. A good agent will be aware of this and only engage in conversation at appropriate moments.^ back to top