Queensland property owners will face new disclosure requirements when they sell from next month.
State Attorney-General Deb Frecklington said, from August 1, sellers would have to declare key information about a property to buyers before they signed a contract.
Attorney-General Frecklington said it was important buyers, sellers, real estate agents and lawyers understood the looming changes and their impact on property transactions.
She said Queensland property law currently relied on a mix of common law, statutory, and contractual obligations for seller disclosures.
“The new seller disclosure scheme in the Property Law Act 2023 begins on August 1, marking one of the most significant shifts to Queensland’s property law landscape in decades.”
Attorney-General Frecklington said the changes were designed to clarify legal obligations for both parties through a more transparent sale process and bring Queensland into line with other states.
She said the statutory seller disclosure statement set 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.”
Attorney-General Frecklington said the body corporate certificate would contain information about matters such as levies, insurance coverage, whether there were any outstanding contributions or body corporate debts for a lot, as well as information about how body corporate expenses were shared between owners.
She said failing to comply with the new disclosure requirements may give the buyer a right to terminate the contract.
“Purchasing a property is a major financial decision whether it’s a home or a commercial site for a business.
“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.”
