The statement must include any relevant information about land contamination, zoning, heritage listings, transport resumption plans and accurate rates and water charges.<\/p>\n
Brisbane-based buyer’s agent Jordan Navybox is involved in hundreds of property purchases every year on behalf of clients.<\/p>\n
He said he believed the new scheme had helped create a “mini industry” for solicitors.<\/p>\n
<\/p>\n
Buyer’s agent Jordan Navybox says there’s more risk for a contract to fall over on both sides of the table now. (ABC News: Lucas Hill)<\/p>\n
“I feel like they’re the real winners, because there are going to be a lot more legal fees now payable to prepare these seller disclosures, and then for the buyer’s solicitor to review them,” he said.<\/p>\n
Queensland Law Society CEO Matt Dunn said fees of between $300 to $1,000 could be expected, depending on the nature of the property.<\/p>\n
“If very difficult and complex issues suddenly get found, then there’s going to be more work that’ll need to be done,” he said.<\/p>\n
Matt Dunn says fees of up to $1,000 could be expected to fill in the form. (Supplied)<\/p>\n
He said the longer-term benefits of more reliable property settlements were worth a “little bit of investment” at the beginning.<\/p>\n
“It’s always open to the sellers to be able to negotiate, to ask the solicitors to hold the fees until the settlement point of the process,” he said.<\/p>\n
<\/p>\n
Agents say the new scheme has helped create a “mini industry” for solicitors. (ABC News: Eddy Gill)<\/p>\n
Who can fill out the form?<\/p>\n
Brisbane conveyancer Darren Morris said he had been telling potential clients they could fill out the “simple document” themselves.<\/p>\n
“They can do the couple of small searches themselves online with their credit card [and] get the information instantly,” he said.<\/p>\n
“You’ve got this fairly innocuous document which everybody is telling everybody else is incredibly important [and] that you can’t do it yourself and you can’t assist with \u2013 as a sales agent.<\/p>\n
“I keep shaking my head.”<\/p>\n
Darren Morris says buyers can do simple searches themselves online. (ABC News: Stephen Clarke)<\/p>\n
Mr Morris said he believed there was “absolutely” an industry being created through the introduction of disclosure documents, and said the combination of fees, inconvenience and stress could mean the seller “loses” under the new laws.\u00a0<\/p>\n
But he said buyers may not necessarily be winners, either \u2013 particularly if they did not read the document thoroughly.<\/p>\n
Mr Dunn encouraged sellers to “have a conversation” with the person who will be filling out the form.<\/p>\n
“There are some things that searches need to be undertaken for and there’s other things that are certainly within the knowledge of the seller,” he said.<\/p>\n
What do the disclosure laws mean for buyers and sellers?<\/p>\n
While there’s no official required waiting period under the seller disclosure scheme, real estate agents have reported waiting up to ten days to get the required documentation.<\/p>\n