Cooling off period hot topic for property purchasers
|| 07 May 2014
||Natalie Graeff, Communication Manager
||07 3842 5868
||0488 433 884
||07 3221 9329
Queensland Law Society today congratulated the Queensland government on the passing of long-needed reforms aimed at making purchasing property easier.
President Ian Brown said the passing of new legislation will simplify the residential sales process and is a big step forward for the property industry.
“We thank the Queensland Government for the opportunity to be involved in the consultation on this newly enacted legislation,” Mr Brown said.
“We have long believed that good stakeholder consultation is the key to good law.
“However, despite positive steps being taken to make purchasing property easier, we caution potential homeowners to take care when finalising their contracts, with changes to cooling off periods soon coming into effect.
“Previously, waiving or shortening the cooling off period required a certificate from an independent lawyer which demonstrated that the lawyer has explained to the buyer the effect of the contract, the certificate and the effect of waiving your cooling off rights.
“The Property Occupations Bill 2013, which replaces aspects of the Property Agents and Motor Dealers Act 2000, allows for shortening or waiving buyers’ rights to a cooling off period when purchasing property.
“Under the new laws, a buyer personally can waive their cooling off rights simply through written notice to the seller.
“However, it is important for buyers to be aware of this change and be cautious when purchasing property, especially if you are unfamiliar with Queensland’s property laws.
“It is always important to obtain independent legal advice when purchasing residential property.
“We hope that buyers will always contact their solicitor before signing.”