From August 1, 2025, new legislation will be implemented for how property is sold in Queensland.
The Act now requires sellers of Queensland property to provide a Seller Disclosure Statement and prescribed certificates before a buyer signs a contract.
What is a Seller Disclosure Statement?
A Seller Disclosure Statement is a formal legal document that makes known relevant information regarding the property.
A Seller Disclosure Statement can be prepared by the seller; the seller’s solicitor; or the seller’s real estate agent.
What must be disclosed?
The Seller Disclosure Statement must include relevant information about the property, including – but not limited to:
- Details of the property
- Title Details
- Land zoning
- Rates and water
- Details of any outstanding notices affecting the property
All the information must be up to date and accurate at the time it is given to the buyer.
What must be provided?
In addition to the Seller Disclosure Statement, sellers must provide a buyer with certain certificates, including:
- Title search
- Copy of plan
- Copy of any notice requiring work to be done on the property
- Pool safety certificate (if applicable)
- Body corporate certificate (if applicable)
Do I need a Seller Disclosure Statement?
Under these new laws, it is a requirement for sellers of residential and commercial lots to produce a disclosure statement. There are, however, limited exceptions.
Some exceptions to this requirement are:
- A contract between related parties. Where all sellers and buyers are related and give a written notice, waiving the requirement of disclosure.
- Contracts where the buyer is a State or Government body.
- Transfers between co-owners or boundary realignments.
- Sales of property where the price is more than $10 million, and the buyer waives requirement of disclosure in writing before signing the contract.
Consequences for Non-Compliance
In the event that a seller has not provided a disclosure statement, or the information provided is inaccurate, the buyer may have a right to terminate the contract at any time before settlement.
Upon termination by the buyer, the seller is required to repay any deposit or part payment given toward the purchase of the lot.
Conclusion
The new requirements of sellers are an important step for conveyancing in Queensland. Obtaining competent legal advice may help sellers understand the requirements for these new laws.
This is general information only and you should obtain professional advice relevant to your circumstances. If you or someone you know wants more information or needs help or advice, please contact us on 07 5576 9999 or email [email protected].
