Sellers And Buyers Take Note - Changes To Queensland Real Estate Law
In October 2023, the Queensland Government passed the Property Law Bill 2023 – replacing the Property Law Act 1974. This Bill introduces many changes to our property law, that will impact property sales and leasing in Queensland.
While the Bill won’t come in to effect until Parliament has set a date for its commencement, one of these law reforms requires sellers of properties to share material facts and background information that could influence a buyer’s purchasing decision. Some of that disclosed information may not be to a seller’s advantage.
Material facts and background information can include body corporate certificates, structural defects, whether a home has been subject to natural disasters (such as a flood or a bushfire) etc. These rules will bring Queensland in line with other states.
Although sellers will already typically inform buyers of this sort of information if asked, the reforms clarify it as a requirement and a disclosure statement will need to be given to the buyer by the seller before a contract is signed. The proposed changes aim to standardise the purchase and sale of property and should help to reduce the likelihood of legal disputes.
We will let you know in due course what is the commencement date for the new laws to come in to effect.