Starting 1 August 2025, Queensland will implement a mandatory Seller’s Disclosure Regime under the Property Law Act 2023, replacing the outdated Property Law Act 1974. This marks the most significant overhaul of property law in Queensland in 50 years.
What Sellers Must Provide
Before a contract of sale is signed, sellers must provide prospective buyers with:
- A disclosure statement containing prescribed information
- Relevant certificates related to the property
These documents must be prepared and delivered in a prescribed manner. Real estate professionals, including conveyancers and solicitors, are permitted to prepare and exchange these documents on behalf of the seller.
Consequences of Non-Compliance
If the disclosure documents are not provided correctly or contain material omissions, the buyer may have the right to terminate the contract at any time before settlement.
Key Changes to Property Transactions
1. Updated Contract and Settlement Provisions
The new legislation introduces updated provisions for property sale transactions, including:
- Provisions dealing with settlement delays due to adverse events (e.g., weather, public health emergencies)
- Clarifications on the buyer’s right to rescind a contract if the dwelling is destroyed or damaged
- Updated provisions related to easements and their binding effect on successors in title.
These changes aim to modernise conveyancing processes and provide clearer guidelines for all parties involved.
2. Mandatory Seller’s Disclosure Regime
Sellers will be required to provide a disclosure statement and prescribed certificates to prospective buyers before a contract of sale is signed. This regime applies to both residential and commercial properties in Queensland.
3. Enhanced Buyer Protection
The new provisions enhance buyer protection by allowing them to terminate a contract if the disclosure documents are not provided correctly or contain material omissions. This ensures that buyers have access to essential information before committing to a property purchase.
How These Changes Affect Queensland Property Transactions
For property transactions in Brisbane and the broader Queensland area, these changes mean:
- Sellers must ensure that all required disclosure documents are prepared and provided to prospective buyers before a contract is signed.
- Buyers should review the disclosure documents carefully and seek legal advice if they have concerns or questions.
- Real estate professionals must familiarise themselves with the new requirements and ensure compliance to avoid potential legal and financial risks.
How We Can Assist You
As experienced conveyancing lawyers in Nundah on Brisbane’s Northside we are well-versed in the upcoming changes to Queensland’s property law. We can assist you by:
- Preparing and reviewing disclosure documents to ensure compliance
- Providing legal advice on the implications of the new legislation
- Assisting with contract negotiations and settlements
- Representing your interests in property transactions
Contact Us
If you’re planning to buy or sell property in Nundah or the greater Brisbane area, it’s crucial to understand how these legal changes affect your transaction. Contact us today to ensure your property dealings are compliant and protected.
Call us on 0733504417 or via our Contact Us page.