The Property Agents and Motor Dealers Act of 2000 makes the conveyancing works of Queensland contracts more efficient. These changes protect the buyer and the realtor along with removing many of the confusing requirements that are a part of the old process. These changes will be applied to contracts that are made on and after October 1, 2010. The new amendments also reduce the amount of red tape that businesses have to deal with in the entire process.
The New Amendments
In summary, the amendments include: The seller now has better protection against a buyer pulling out for technical issues with the paperwork whereby the buyer can no longer back out for small paperwork inconsistencies, such as papers being in the wrong order. The process of exchanging counter offers in regards to the property will be smoother, removing many of the detailed requirements that bogged down the exchange before. It is important to note that the changes in the law still leave the property buyer the right to have a cooling off period before they make a final decision.
Businesses will have an easier time under the new amendments as well. For example, a licensee no longer has to announce their decision to open a trust account. The individual who is given money as a trust is still under legal obligation to handle the funds appropriately and legally. This still gives protection to the person the money is being held for.
This is why hiring a professional to help you handle conveyancing Brisbane is so important. Learning how conveyancing works can be tricky for a buyer, and having a professional to help you navigate the new changes in the law can be priceless. A solicitor can advise you how changes will affect your current contract, what the new legal obligations are and answer your questions. This will give you peace of mine when you are going through the final stages of getting the property and home of your dreams.
A professional solicitor takes care of working with lawyers, making sure that government deadlines are met and that all of the paperwork is in order. This individual will have the necessary training, experience and insight into contract law to back you up throughout the buying process. Buyers are wise to invest in the services of a professional solicitor. The amendments can be explained clearly to you and how they impact your contract.