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Upcoming change to Qld Real Estate procedures: Seller Disclosure

 

Starting 1 August 2025, Queensland will implement a mandatory seller disclosure regime under the Property Law Act 2023. This significant reform requires sellers of residential and commercial properties to provide prospective buyers with a comprehensive disclosure statement and prescribed certificates before the buyer signs the contract of sale.

 

The disclosure must include key information such as title details, encumbrances, zoning, environmental notices, pool safety compliance, and any unregistered agreements or statutory notices affecting the property. This shift moves Queensland away from the traditional 'buyer beware' approach towards a more transparent, buyer-focused process, aiming to reduce disputes and enhance trust in property transactions.

 

Key Impacts for Buyers and Sellers:

 

• Enhanced Transparency: Buyers will have access to critical property information upfront, enabling more informed decision-making and reducing the likelihood of post-contract disputes.

• Increased Seller Responsibilities: Sellers must ensure all disclosure documents are accurate and complete; failure to do so may grant buyers the right to terminate the contract before settlement.

• Shift in Legal Obligations: The new regime places the onus on sellers to disclose pertinent property details, aligning Queensland with disclosure practices in other Australian states.

• Role of Real Estate Professionals: Agents and legal practitioners will play a crucial role in preparing and verifying disclosure documents to ensure compliance and avoid potential legal risks and at an additional cost expected to be close to $1,000.00

• Continued Due Diligence for Buyers: Despite the increased disclosures, buyers are still advised to conduct independent inspections and searches, as some aspects like structural integrity and pest infestations are not covered under the mandatory disclosures.

 

These changes underscore the importance of thorough preparation and professional guidance in Queensland's evolving property landscape.

 

If you’re thinking about selling property in Queensland, this change takes effect on any Contract of Sale dated from August 1st, 2025, onwards – in simple terms, to avoid the inconvenience and additional cost, you must have a Contract dated no later than July 31st, 2025. Given that ‘Days on Market’ can vary from suburb to suburb to anything around 30-40 days, time is of the essence to get things underway with the marketing & sale of your property as soon as possible.

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Call, Text or Email Me today or complete the Form below if you're keen to get your House Sale Plans underway

0405 102210 or

dene.tucker@remax.com.au

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