The Property Law Act 2023 (the Act) passed Parliament on 25 October 2023. The commencement date has been fixed for 1 August 2025. The Act aims to simplify, streamline and modernise Queensland’s property law regime by replacing the Property Law Act 1974 (Qld).

The Act has introduced a series of amendments that impose new disclosure obligations on parties involved in property transactions. These changes aim to enhance transparency, protect buyers, and streamline property dealings across Queensland. For real estate agents, property law practitioners, buyers, and sellers, it is essential to understand the scope and implications of these amendments.

The Act will be supported by the Property Law Regulation 2024 (Qld). However, significant reforms are also being introduced through the Body Corporate and Community Management (Body Corporate Certificates) and Other Legislation Amendment Regulation (Qld). These Regulations will commence with the Act on 1 August 2025.

Key Changes in Disclosure Requirements

Pre-Contractual Disclosure

One of the most significant changes is the requirement for vendors to provide a detailed disclosure statement before entering into a contract for the sale of residential property. The statement must include:

• Material facts about the property, including any defects or encumbrances.
• Information about the property’s title and zoning.
• Details of any ongoing disputes or litigation involving the property.

If a seller fails to meet these requirements or provides inaccurate or incomplete information, buyers may have grounds to challenge the transaction.

Standardised Disclosure Form

The amendments introduce a standardised disclosure form that all vendors must use. This ensures consistency in the information provided to buyers and reduces the likelihood of disputes arising from unclear or incomplete disclosures.

Timeframe for Disclosure Updates

If any material facts about the property change after the initial disclosure statement is issued, the vendor is required to provide an updated statement within a specified timeframe. This obligation continues until settlement.

Implications for Buyers

The amended Act places buyers in a stronger position to make informed decisions. Buyers now have access to comprehensive information upfront, enabling them to better assess the risks and benefits associated with a property. Additionally, buyers can rely on statutory remedies if vendors fail to meet their disclosure obligations.

Implications for Sellers

For sellers, the new obligations mean greater responsibility in preparing for a property transaction. Vendors must:

• Ensure all disclosures are accurate and complete.
• Regularly review the information provided to ensure compliance.

Non-compliance can lead to significant consequences, including contract termination or potential claims for damages.

Final Thoughts

The new disclosure obligations under the amended Property Law Act 2023 reflect a shift towards greater transparency and fairness in property transactions.

If a seller fails to comply with their disclosure obligations, buyers may have the right to:

• Void the contract.

• Seek compensation for damages.

At Rose Litigation Lawyers, our experienced property law dispute team can ensure that your rights are upheld once these monumental changes come into force. We provide clear advice on the most appropriate course of action based on your circumstances.

Contact Us For expert legal guidance, reach out to Rose Litigation Lawyers. Our team is committed to delivering Remarkable Outcomes.

The content of this publication is intended to provide a summary and commentary only. It is not intended to be comprehensive nor does it constitute legal advice, and has been prepared based on applicable legislation and case authority at the date of publication. You should seek legal advice on specific circumstances before taking any action.