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Hi everybody - George Sourris, Empire Legal.
Today's topic: Postponement to the NEW sellers disclosure regime + Property Law Act 2023 QLD!
OK, time to listen up! This nice short blog is super important if you're involved in Queensland property.
The Property Law (Postponement) Regulation 2024 was passed just a few weeks ago, on 16 August 2024, which officially postpones the automatic commencement of the Property Law Act 2023 (QLD), until 03 November 2025 (next year).
The Queensland Law Society (QLS) is continuing to engage with the Department of Justice and Attorney General on the regulations and prescribed forms to support the sellers' disclosure framework, which brings in significant changes to the process of buying and selling property.
The upcoming new sellers' disclosure framework will change how Queensland real estate agents and property lawyers work. At present, Queensland has NO formal seller's disclosure, and the sellers are NOT required to disclose all information to prospective buyers, except that required under common law or contract.
For example, Community Title Schemes (CTS) require a disclosure statement. I'm sure you've heard or even use this term often - "buyer beware". Well, guess what? It's all about to change. The seller will need to provide buyers with a signed seller disclosure statement for all property sales across Queensland.
The disclosure statement will need to include information and copies of documents like: a title search, a registered survey plan, and the adjudicator's orders, for example, QCAT for tree and fence, if it's in a community title scheme - body corporate information certificate, community management statement (CMS), and bylaws not included by the CMS.
Furthermore, information such as pool safety compliance, QBCC notices, environmental protection notices, and current rates and water documents will need to be provided as part of the new disclosure regime. For those who want to know more, click here to read our blog on the new Sellers Disclosure Regime that we published last year.
The new Property Law Act 2023 (QLD) is the biggest change to Queensland property law in the last 50 years, replacing the old Property Law Act of Queensland from 1974. In Queensland, legislation that has not commenced within one year after the assent of the Governor automatically commences on the next day. This means that the Property Law Act of 2023 was due to commence on 03 of November 2024.
However, because of this new postponement regulation, the date is now officially postponed until the 02 November 2025.
The Queensland Government has officially stated they've been working with key legal, property and body corporate stakeholders in the development of regulation and approved forms that will be required under the Act; and the delay is to ensure there is sufficient time for the necessary education and preparation work to be undertaken by affected legal, financial, property and community title sector participants, before the new laws commence. Click here if you want to read more about the particulars of the postponement regualtion.
The regulation ensures the Property Law Act does not automatically commence before the regulations and forms are finalised. The Queensland Law Society will update members as further updates are made available about the commencement of the Seller's Disclosure framework.
Of course, once we at Empire Legal know more, we will pass this along to the subscribers of our blog. If you're not subscribed to our blog, click here to subscribe.
Obviously guys, this is a huge change for Queensland Property. As an industry, we all need training and education to make sure the rollout is smooth, so governing bodies like the REIQ and the Queensland Law Society will of course help guide us as these new laws are closer to going live. For all of us here in 2024, we need not to stress, as this rollout has no set date and will be something to be addressed further in 2025.
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George Sourris. Empire Legal.
If you have any questions, you can email me: george@empirelegal.com.au.
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Ladies and gentlemen, please keep in mind that all advice is general in nature and does not constitute legal advice. This is authorised by George Sourris, Empire Legal, Brisbane, Queensland, Australia.
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Note: all information is general in nature and as each matter is unique please contact our office for tailored advices: the above does not constitute legal advice.