With the start date for Queensland's new Property Law Act fast approaching, this quickfire Q&A breaks down the key facts every property seller (and advisor) needs to know.
Q: When does the new Act commence?
A: The new Property Law Act will commence on 1 August 2025.
Q: What contracts does the new Seller Disclosure Regime apply to?
A: The regime applies broadly, including to:
- Residential and commercial sale contracts.
- Auction and private treaty sales.
- Options to purchase.
- Sales following the exercise of an option, provided disclosure was given before the option deed and the parties remain the same.
Q: What are the exceptions?
A: Limited exceptions apply, including:
Transactions between related or governmental parties:
- Related parties who agree disclosure isn't needed.
- Transactions where the buyer is a Local, State or Federal government, statutory body or listed corporation.
- Local government sales to recover unpaid rates.
Situational exemptions:
- Co-owner transfers.
- Off-the-plan sales.
- Boundary adjustments.
- Court-ordered transfers under the Family Law Act.
- Estates and compulsory acquisitions.
High-value sales:
- Sales over $10 million (including GST) where the buyer agrees disclosure isn't required.
Q: I'm going to market my property in July, should I give the Seller Disclosure to buyers then?
A: No. Disclosure must use the official approved form, which only becomes valid from 1 August 2025. Giving it early—even with the best of intentions—won't count as valid disclosure.
Q: What happens if disclosure isn't made?
A: If a disclosure statement or required certificate isn't provided at all, the buyer will have a right to terminate the contract.
If the disclosure statement or certificate is inaccurate or incomplete in relation to a material matter, and:
- The buyer was unaware of the true facts when signing the contract, and
- Would not have signed if they'd known—then the buyer may also terminate the contract.
Q: Sounds complicated, can you help me?
A: Absolutely. Join our live-streamed Business Essentials Seminar on Friday, 23 May to get up to speed. Click here to register or contact our Property + Business Transactions team for tailored advice.
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.
