New legislation to replace Queensland’s outdated property laws has been introduced to Parliament today, including disclosure rules to make it easier for home buyers to know more about the property they are buying.
The new legislation has been developed to modernise property laws in Queensland with contemporary language that reflects current commercial practice.
The Property Law Bill 2023 will replace the current Property Law Act 1974, which has not been comprehensively reformed since it was introduced.
The Bill is based largely on the recommendations of the Commercial and Property Law Research Centre at the Queensland University of Technology (QUT), following its broad-ranging, independent review of Queensland’s property law.
The Bill will implement a statutory seller disclosure scheme in Queensland, broadly in line with the recommendations of the QUT’s Final Report: Seller Disclosure in Queensland (2017).
The new scheme will make it mandatory for a seller of freehold land to disclose relevant information to the buyer in a single document along with any prescribed certificates, including a body corporate certificate, where relevant.
The scheme will also prominently alert buyers to the need to undertake their own due diligence on flood information, and direct buyers to appropriate resources to access a property’s flood information.
Quotes attributable to the Minister:
“This is legislation that will most likely affect everyone at some stage of their lives when they own or deal with property.”
“Owning and dealing with property, establishing co-ownership arrangements, signing and enforcing lease agreements, and managing mortgages are major transactions that affect Queenslanders everywhere.”
“The Queensland Government is taking action to ensure our state’s property laws are modern and fit for purpose.”
“The new seller disclosure scheme will simplify disclosure for freehold land sales and empower buyers to make well-informed decisions when purchasing property.”
“The development of the Bill has been the subject of extensive consultation with stakeholders over several years, and I want to thank them for their ongoing involvement and valuable expertise.”
“In particular, I want to recognise the members of the QUT Research Centre, led by Professor William Duncan, Professor Sharon Christensen, and Associate Professor William Dixon, whose recommendations have guided the preparation of the Bill.”
ENDS
Media contact – Phoenix Campbell 0439 949 719