Major changes for real estate contracts

By Natalie Gauld

Property buyers and sellers in Queensland need to be aware of major changes to laws around land, residential and commercial property sales.

The new Seller Disclosure Scheme in the Property Law Act 2023 began on Friday, 1 August.

Lawyers and real estate agents are aware of the impending changes, and sellers should seek independent legal advice about specific obligations. There are many property solicitors who could assist.

Under these new laws, a seller must provide key disclosure information and documents to a buyer before the buyer signs a contract for sale.  

The Seller Disclosure Statement provides important information about the property including encumbrances, proposed transport infrastructure notices, rates and water charges, and any notice of intention to resume the property.  

There are also prescribed certificates that sellers must provide to buyers, such as if you are selling lots within a community titles scheme (units, apartments or townhouses) you will need a body corporate certificate. 

The body corporate certificate will contain information about levies, insurance, any outstanding contributions or body corporate debts, as well as information about how body corporate expenses are shared. 

Failing to comply with the new disclosure requirements may give the buyer a right to terminate the contract. The scheme requires that sellers give buyers property information before the contract is signed by the buyer.

More information is available at https://www.qld.gov.au/law/housing-and-neighbours/buying-and-selling-a-property/seller-disclosure-scheme.

General information on buying or selling properties is available here.