Most Read Contributor in Australia, September 2016
The Queensland Government has introduced the Land Sales and
Other Legislation Amendment Bill 2014 (Bill).
The Bill proposes amendments to the Land Sales Act 1994
(LSA), Property Law Act 1974
(PLA) and Body Corporate and Community
Management Act 1997 (BCCM).
The Bill is designed to reduce red tape in the sale and purchase
of property. The changes will be of particular benefit for
Key proposed changes include:
Disclosure obligations: Disclosure obligations in the
LSA are proposed to be transferred to the BCCM.
Disclosure material: Disclosure material will no
longer be required to state the names and addresses of the seller
Disclosure material in option to purchase: Where a
buyer is provided with disclosure material when entering into an
option to purchase the seller will not be required to re-issue
disclosure material when the option is exercised. However, where a
nominee is the buyer under the contract entered into, upon exercise
of the option, the nominee must be given a new disclosure
Further Disclosure: Further statements must be given
at least 21 days before the contract is settled (currently the
requirement is to give notice within 14 days of the seller becoming
aware of the change). The buyer's right to terminate arises if
the buyer is materially prejudiced by the change.
Sunset dates for strata lots: For a proposed lot in a
community titles scheme, the seller may nominate a 5 ˝ year
sunset date (currently 3 ˝ years).
Increased deposit: For 'off-the-plan'
contracts a deposit may be up to 20% of the purchase price without
making it an instalment contract.
EOI deposits: Expression of interest holding deposits
must be paid directly into the trust account of an agent or law
practice (and may no longer be held by a seller).
Holding Redlich's Property & Projects Group will
continue to follow the progress of the Bill and provide updates as
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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