The Queensland Government has introduced further amendments to property legislation, specifically for the sale of off-the-plan lots, which will be of significant benefit to property developers. Legislation to amend the Land Sales Act 1984 (Qld), the Body Corporate and Community Management Act 1997 (Qld) and instalment contract provisions in the Property Law Act 1974 (Qld) were introduced into Parliament on 3 June 2014.
Once enacted, notable changes will include the removal of the maximum deposit restriction of 10% for the sale of proposed lots under the Property Law Act 1974 (Qld) and allowing a deposit of up to 20% of the purchase price before the instalment contract provisions are triggered. Significant changes to the disclosure requirements under the Land Sales Act 1984 (Qld) in relation to proposed community title scheme lots are also intended.
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