New Seller Disclosure in Queensland

The Queensland Government has implemented a significant shift in the approach to land sales by enacting new legislation which, among…

The Queensland Government has implemented a significant shift in the approach to land sales by enacting new legislation which, among other things, moves towards a seller disclosure regime observed in other states in Australia.

The new legislation is the Property Law Act 2023 (the Act) which passed Parliament on 25 October 2023. It will commence on a date to be set by proclamation.

Under the Act, Sellers will be mandated to provide comprehensive disclosure documents to Buyers before the signing of a Contract of Sale.

These disclosure documents will consist of a disclosure statement and prescribed certificates, encompassing a wide array of information ranging from encumbrances and zoning to environmental concerns, tree disputes, infrastructure proposals, heritage listings, and more. However, certain details such as flooding information and structural defects may not require disclosure.

Failure to adhere to the disclosure requirements may grant Buyers the right to terminate the contract before settlement. However, there are exceptions to these requirements, including but not limited to transactions involving related parties, contracts exceeding $10 million, sales to specific entities like governments or listed corporations, or certain types of transactions such as leaseholds.

Whilst the Act does include various other changes, the changes regarding disclosure obligations aim to bolster transparency and efficiency in property transactions while establishing clearer guidelines for both Buyers and Sellers.

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