In short:
Real estate agents say new seller disclosure laws are “bottlenecking” property sales due to lengthy turnaround times on required documentation.
The laws allow buyers to get their entire deposit back, and even claim compensation, if the vendor fails to offer up vital information.
Antonia Mercorella from the Real Estate Institute of Queensland says the laws have created “nervousness” about last-second contract cancellations.
In other words, the law works as intended.
New laws should be phased in gradually. They should have applied these laws first to new homes (0-3 years), then (a year later) established homes (4-15 years) and then finally to all homes.
The argument they can publish is that this provides home owners sufficient time to get their information together.
This will result in a gradual degrading of house prices so that investors and realestate agents don’t get all stroppy and start crying to Rupert.
Almost as if buying a home shouldn’t be a hadty decision.
7 to 10 days for paperwork most people will only need a handful of times in their lifetime? Pure madness! Surely life-altering decisions need to be accommodated with next-day turnaround or better.
REA’s having to actually work? Shocking.
