Consultation on draft vendor disclosure legislation Sat 12 May 2012 Nick McKim Minister for Corrections and Consumer Protection The Minister for Consumer Protection, Nick McKim, today announced the release of draft legislation establishing requirements for vendor disclosure in relation to residential property sales. Mr McKim said the draft Residential Property Transactions Bill 2012 is the culmination of many years' work by the government and key stakeholders. "I am pleased to invite feedback from the Tasmanian community on this important legislation," he said. "Legislation for vendor disclosure was first passed by the Tasmanian Parliament in 2005, however, a number of issues were identified with the requirements which has meant that they have not been implemented. "The previous framework relied on the seller answering a range of questions about the property which were very detailed and technical in nature. "It has proven impossible to draft vendor questions without creating legal ambiguity and uncertainty for purchasers and unreasonable legal risk and cost for vendors." Mr McKim said, Cabinet agreed last year to the drafting of new legislation which focussed on providing better information to consumers about illegal building works. "The current proposal relies mainly on third party documents such as title documents, plans and a section 337 council certificate, as well as giving consumers the option to obtain a building inspection report," he said. "The draft legislation released today has been developed through collaboration between government and the real estate and legal professions. "I would like to thank the Law Society of Tasmania and the Real Estate Institute of Tasmania for their valuable input to this process. "Following the public consultation process I will be moving to finalise the Bill and obtain Cabinet approval with a view to introducing the legislation into the Parliament before the winter recess. "Tasmanian consumers have waited many years for the introduction of vendor disclosure and I am committed to seeing this regime implemented." Copies of the draft legislation and explanatory materials are available at www.consumer.tas.gov.au or by contacting the Office of Consumer Affairs and Fair Trading on 1300 654 499. Submissions close on Tuesday 12 June 2012.