- Major changes for property sales in Queensland with seller disclosure scheme taking effect from 1 August.
- Sellers will have to declare key information about a property to buyers before they sign a contract.
- Queensland property law currently relies on mix of common law, statutory, and contractual obligations for seller disclosures.
The Crisafulli Government is urging buyers, sellers, real estate agents and lawyers to ensure they are up to speed with major changes to Queensland property laws before they take effect next month.
The new seller disclosure scheme in the Property Law Act 2023 begins on 1 August, marking one of the most significant shifts to Queensland's property law landscape in decades.
Under the new laws, a seller must provide key disclosure information and documents to a buyer before the buyer signs a contract for sale.
The changes are designed to clarify legal obligations for both parties through a more transparent sale process and bring Queensland into line with other states that have disclosure schemes in place.
The statutory seller disclosure statement sets out a range of information about the property for sale, including:
- title details
- encumbrances
- proposed transport infrastructure notices
- any notice of intention to resume the property
- land contamination and environmental protection matters under the Environmental Protection Act 1994
- rates and water charges
- any relevant application or orders under the Neighbourhood Disputes (Dividing Fences and Trees) Act 2011.
Under the scheme, there are also prescribed certificates that sellers must provide to buyers.
For instance, sellers of lots within a community titles scheme (such as apartments or townhouses) will have to obtain and provide a body corporate certificate.
The body corporate certificate will contain information about matters such as levies, insurance coverage, whether there are any outstanding contributions or body corporate debts for a lot, as well as information about how body corporate expenses are shared between owners.
Failing to comply with the new disclosure requirements may give the buyer a right to terminate the contract.
Attorney-General and Minister for Justice and Minister for Integrity Deb Frecklington said it was important for all parties to understand the changes and their impact on property transactions.
"Purchasing a property is a major financial decision whether it's a home or a commercial site for a business," the Attorney-General said.
"It's crucial for sellers to be aware of their disclosure obligations under these new laws – and for real estate agents and legal professionals to understand the changes as well.
"That doesn't mean buyers can be complacent though and they should still undertake their normal due diligence and seek advice."
