00:00It's been two weeks since the seller disclosure scheme became law in Queensland. Vendors
00:08must now provide a statement to potential buyers, informing them of a range of issues
00:12that may impact their property. Real estate agents say the process is frustrating.
00:17Lots of buyers want to make offers, we can't get offers until they sign the disclosure,
00:22and solicitors have sort of had a bit of a backlog of them waiting on Brisbane City Council
00:27to do searches and all that sort of stuff. So yeah, it's been very frustrating.
00:30Industry leaders say it'll take time to streamline the system.
00:34I think as time marches on, we will get better at preparing these disclosure documents very soon.
00:42As soon as the real estate agent is appointed, I think that will be of key importance.
00:47Despite the new requirements, sellers don't have to disclose any information about previous termite
00:52or pest infestations or a flooding history. For those looking for a new home, that still means
00:59buyer beware. I think in a perfect world that would be included. But yeah, like I guess I'm never going
01:05to trust a disclosure on things like that that are very important. So I'll always probably get that
01:11done myself anyway. Honestly, I have to consider waiving the building and pest now because of the
01:18competitive, like the competitiveness of the market. Queensland's rules aren't as strict as other
01:23states. But experts say only time will tell if they've struck the right balance. Should we have
01:29gone further in Queensland just to protect our buyers? Possibly. But again, I think that's something
01:36that the Queensland Government will need to look at and need to review in the coming years.
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