Act to make sales easier
Buying a property can be a daunting experience and not only because of the amount of money involved.
Complicated paperwork can also be overwhelming.
That's why slashing red tape in the real estate industry needs to go further, says Real Estate Institute of Queensland zone chairman Greg Clyde-Smith.
Recently the Queensland Government reformed the Property and Motor Dealers Act to make buying and selling easier.
Attorney-General Jarrod Bleijie said simplifying the act would also save buyers and sellers time and money.
"Consumers are often overwhelmed by pages of paperwork so they just sign on the dotted line without reading the fine print, which can be dangerous," he said.
"These changes will simplify the process for consumers, while ensuring their rights are protected and also make life easier for industry."
Mr Clyde-Smith said the changes include reducing the nine licence categories for property agents to three.
"Basically there used to be nine licence categories and that included motor dealers as well as real estate agents," he said.
"When you have all of those licences under the one act you need to have some sort of commonality in the documents.
"The documents became very confusing to read. And it also meant the documents are much larger to incorporate all those categories."
Mr Clyde-Smith said the reforms should reduce conveyancing costs for consumers and printing and paper costs for real estate agents.
"It's a step in the right direction and there should be more of it," he said.
"There needs to be much more simplification for consumers and to allow the conveyancing industry to streamline their processes."
The reforms are also predicted to make the buying and selling process less daunting.
The draft bills are expected to be issued for public consultation in the coming weeks.
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Too tied up: Agents want red tape slashed further. Picture: THINKSTOCK