The new Seller Disclosure Regime marks a shift away from the traditional “buyer beware” approach and is the biggest change to property law in Queensland for decades.
Before a buyer signs a contract, they must now receive a Form 2 - Seller Disclosure Statement and a Prescribed Certificate (including key property searches). For properties in a Body Corporate, a further disclosure is required.
This new regime places greater legal and compliance responsibilities on sellers and agents. A failure to provide the correct disclosure before the buyer signs the contract could result in termination rights up until settlement.
Agents are not prohibited from preparing a Form 2 but they cannot give legal advice. The Seller Disclosure Statement almost certainly requires the giving of some legal advice. Accordingly, the safest course if for solicitors to prepare these forms.
Solicitors should be engaged as soon as (or before) a property is listed.
At Holt Ronan Lawyers, we’re ready to support sellers, agents, and buyers through this transition. With fixed-price packages and fast turnaround times, we make compliance simple and stress-free/
📞 Contact us today to prepare for the August changes.
Disclaimer: This advice is general in nature and is not intended to be legal advice.
If you would like legal advice, please call our office on (07) 5619 0440 and we would be pleased to assist you.
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Feb 2024
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Aug 2023
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Jan 2024