New Property Occupations Act in QLD

[RPI]

QLD has passed new bills which will end the Property Agents and Motor Dealer's Act and creating the

Property Occupations Act
https://www.legislation.qld.gov.au/Bills/54PDF/2013/PropertyOccupB13.pdf
and

Motor Dealers and Chattels Act

Key points for everyone here.

1. Agent's commission is no longer capped at 5% for first $18,000 and 2.5% after that.

2. No warning statement required to be attached to the front of the contract. Now is a clause above the signing pages.

Will be more as well once I have a deeper look.

Not in yet but will be proclaimed shortly I imagine.

 

[eggnog]

Thanks for the heads up Darryl

 

[wylie]

Do you think agents will be asking for higher commission or cutting commission to get listings?

 

[Ed Barton]

Do you think agents will be asking for higher commission or cutting commission to get listings?

Agents are free to cut commission currently so can't see that happening with the change.


Here are some of the other changes - http://www.propertyobserver.com.au/...ssions-to-buyers-under-new-laws/2013112066505

 

[wylie]

Agents are free to cut commission currently so can't see that happening with the change.

I know they are free to cut commission, but it is a rare thing in my experience.

 

[Ed Barton]

I know they are free to cut commission, but it is a rare thing in my experience.

Agreed.

What I do see possibly happening is an incentive based fee structure. ie they get a much higher commission for an excellent result.