00:00Anyone selling a home in Queensland must now fill out one of these.
00:07They're designed to give buyers more information about a property, from zoning issues to the cost of rates.
00:13It's becoming a boon for solicitors who are charging anywhere from $300 up to $1,000 to help fill it out.
00:19Whilst I've got many good friends that are very good lawyers, I feel like they're the real witness because there are going to be a lot more legal fees now payable.
00:26There's been numerous warnings going out to the salespeople, telling them basically do not get involved with the preparation of the document, send them to the solicitors, send them to the law firms.
00:38Sellers are being asked to consider if they could do at least some of the work themselves and save on fees.
00:43We are encouraging people, we're telling them that they can do the couple of small searches themselves online with their credit card, they get the information instantly.
00:52The delays in finalising the seller disclosure statement could also have negative impacts on the people it's intended to protect, home buyers.
00:59Until the form is completed and signed, a contract is not considered binding.
01:04So in this competitive market, any delay could allow someone else to come in and make a higher offer.
01:10The buyer might agree on a price of $850,000 and whilst the contract is being drawn up, there might be a $25,000 increased offer from a different buyer.
01:18Then buyer A now misses out, whereas two months ago buyer A did not miss out.
01:22With a recent rate cut and an expanded first home buyer scheme on the horizon, the demand for housing isn't expected to ease.
01:29Brisbane's got an Olympics coming, like I think medium term, long term, you've just got to get into the market.
01:35You've just got to buy and hold as the saying goes.
01:37You've got to buy and hold as to what you need for.
01:55And then if the market is going to be angled, you can choose from the price to the price to the price to the price to the price to the price to the price.
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