REIQ welcomes streamlined property contracts

Wednesday, 25 Jan 2012

Queensland premier Anna Bligh's pledge to streamline the amount of paperwork associated with purchasing a new home has been met with a warm welcome from the state's real estate institute.

Yesterday (January 24), Real Estate Institute of Queensland (REIQ) chief executive officer Anton Kardash noted that cutting down on the amount of paperwork buyers are faced could help to boost the state's real estate market.

The REIQ, he added, has been lobbying for such action to be taken for a number of years.

"These forms and documents are required to be given under different pieces of legislation which are in turn administered by different government departments, so it makes sense to introduce a single regime which incorporates the existing requirements into one document," he said.

In many cases, separate fees are also associated with processing each of these forms.

Kardash added that in addition to streamlining the contract process, the REIQ would like to see sustainability declarations scrapped, as industry evidence suggest that these are largely ignored by buyers.

Bligh announced earlier this week that including new flood mapping data into the single contract scheme is also an option that is being considered.