The Palaszczuk Government’s plan to empower buyers to make informed decisions about purchasing freehold land is open for community feedback.
Attorney-General and Minister for Justice Shannon Fentiman said selling and buying a property is the biggest financial decision many Queenslanders will make, so it is vital that we have the best possible process in place.
“The Palaszczuk Government has drafted a bill to implement a seller disclosure scheme in Queensland to ensure buyers can efficiently and transparently access the information they need to make better informed decisions about property dealings,” Minister Fentiman said.
“A seller disclosure scheme was recommended by the Commercial and Property Law Research Centre at the Queensland University of Technology following its review of Queensland’s property laws.
“The proposed scheme would make it mandatory, with limited exceptions, for a seller of freehold land to disclose relevant information to a proposed buyer in a single document along with any prescribed certificates.
“The prescribed certificates will include a specific ‘body corporate certificate’ which highlights important information for buyers about a lot that is for sale in a community titles scheme.
“A draft of the ‘body corporate certificate is also being released for consultation.
“Sellers are currently required to comply with a complex mix of common law, statutory and contractual obligations.
“The new seller disclosure regime will simplify and streamline these requirements.
The Attorney said industry stakeholders had already acknowledged the benefits of a statutory seller disclosure scheme.
“Consultation on the scheme is an important aspect of the Palaszczuk Government’s commitment to continue with the property law review and I welcome the community’s input,” Minister Fentiman said.
“Statutory seller disclosure schemes have been in place for a number of years in other jurisdictions.”