The new Property Law Act 2023 (Act) commences next Friday, 1 August.
The Act requires sellers of any property/land in Queensland – residential, commercial, industrial, rural – to provide a buyer with a Seller Disclosure Statement before the buyer signs the contract. While there are some very limited exemptions from this requirement, those exemptions are unlikely to apply to the vast majority of property transactions that take place in Queensland on a daily basis.
The Seller Disclosure Statement contains a lot of information regarding the property and some searches must be provided to the buyer with the statement. If the statement is not given, or the contents of the statement are incorrect, the buyer may have a right to terminate the contract.
It will take time to prepare this statement so it must be prepared in advance of locating a buyer, to ensure there are no delays in the buyer signing a contract.
If you are selling property – please be aware of this change and be ready for it. If you have any questions, please contact our Property + Business Transactions Team.
For further information, contact Amanda Tolson.
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