The Property Law Bill 2023 is set to introduce modern language and updated transparency for stakeholders in the Queensland property of sale transaction.
This will mark the first time in nearly half a century the legislation has seen comprehensive reform.
The new legislation to replace Queensland’s outdated Property Law Act 1974 was introduced to Parliament in February 2023, including disclosure rules to make it easier for home buyers to know more about the property they are buying.
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.
As a result, Solicitors and law practitioners operating in the property transaction will need to utilise an information broker like triSearch, on both sides of the property transaction to efficiently order the required documents.
Attorney-General and Minister for Justice, Minister for Women and Minister for the Prevention of Domestic and Family Violence, the Honourable Shannon Fentiman, said:
“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.”
Property Law Bill 2023: Additional Changes
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 Property Law Bill 2023 was introduced in February 2023 and remains in Parliament for discussion.
To learn more about how you can navigate efficient search ordering to satisfy changes made from the new Property Law Bill 2023 by booking a demonstration to see the integrated practice management software, triConvey.