Society welcomes new disclosure laws

Buying and owning a home has been the cornerstone of the Australian dream for generations, and it’s still the biggest and most personal investment many of us will ever make.

It’s a safe space where we eat, sleep, raise families, and welcome friends.

That’s why Queensland Law Society welcomes the new seller disclosure laws that come into effect on August 1in Queensland.

The introduction of these reforms is the culmination of more than a decade of sustained advocacy, with the Society pushing for change since 2013.

QLS President Genevieve Dee said the update to the Property Law Act 2023 (PLA), which brings Queensland into line with other states, should be seen as benefit to those working in property law.

Before buyers sign the dotted line on such an important contract, they will now receive more upfront information about a property, helping them make informed choices and avoid nasty surprises.

It also benefits those putting their house on the market. While the new rules might add some cost for sellers, the more transparent process means fewer last-minute renegotiations or deals falling through.

“This is a fundamental shift for practitioners, but we believe it’s a worthwhile change that delivers great benefit to consumers,” she said.

“When many buyers are making the biggest investment and signing the most important contract of their lives, better access to information at this early stage is a clear win.

“While there’ll be a period of adjustment as the industry comes to grips with the new changes, it’s a good opportunity for practitioners to review their retainers and fees.

“Practitioners can have clear conversations with their clients about the scope of the work they will be doing, and how they will charge for their services when discussing how the new scheme works.

“This will ensure all parties are clear on their obligations, and the risks of not doing the documentation correctly.

“If lawyers, real estate agents, sellers and buyers are working in partnership to ensure disclosure documents are prepared correctly, that means any potential problems with the property are known upfront and can be worked out early.

“This is obviously more ideal for all parties than a deal falling over late when the contract is in advanced stages.

“QLS would always encourage sellers and buyers to seek legal advice before they make significant legal decisions of this kind.  A solicitor acts in their client’s best interests throughout the transaction. 

“Our members are well-placed to advise all parties to the contract about the new seller disclosure changes and other critical aspects of the sale agreement.”  

A comprehensive recap of the new Property Law Act 2023 changes, including links to approved forms, REIQ contracts, background information , and FAQs informed by the 1400 legal professions who took part in QLS’s roadshow events, can be found on QLS Proctor.

The Seller Disclosure Roadshow online recording, available on the QLS Shop.