Home Property Australia Deposits upped to 20 as Land Sales Bill passes Parliament

Deposits upped to 20 as Land Sales Bill passes Parliament

  • September 12, 2014

Deposits upped to 20% as Land Sales Bill passes Parliament

The Queensland Land Sales and Other Legislation Amendment Bill 2014 has been passed by Parliament after being considered by the Legal Affairs and Community Safety Committee.

The Property Council has been closely involved throughout the development of this Bill as a member of the Land Sales Reference Committee.

 The Property Council’s July Parliamentary Committee submission can be found here.

 

Key amendments include:

  • The ability to receive deposits of up to 20 per cent for ‘off-the-plan’ contracts, without the contract becoming an ‘instalment contract’
  • Alignment of disclosure requirements between legislation and transfer of disclosure requirements
  • Ensuring any statements which aim to rectify inaccuracies in a building/volumetric or standard format lot plan must be certified by a surveyor.

 

The Bill is available here and the Explanatory Notes are available here.