Happy Friday everyone! Today marks a major turning point for the Queensland real estate sector, as new disclosure requirements for sellers take effect under the Property Law Act 2023. From this date, anyone selling residential, commercial, or vacant land in Queensland must provide buyers with a completed and signed disclosure statement, as well as prescribed certificates, before a contract can be signed.
These new laws, replacing the traditional “buyer beware” approach, are designed to modernise property transactions and enhance transparency. The disclosure statement must contain key information including title details, encumbrances, proposed infrastructure notices, environmental protection matters, rates, water charges, and—for properties within a community titles scheme—details about the body corporate such as levies and debts. All required information must be accurate as of when the documents are provided.
If a seller fails to provide the necessary documents or if the disclosures are incomplete or materially incorrect, buyers have the right to terminate the contract at any point before settlement. These obligations apply to all contracts signed from 1 August 2025, regardless of when the property was listed for sale.
The reforms bring Queensland into line with states like New South Wales and Victoria that already have mandatory property disclosure schemes. Here at Lacey West we have been preparing for the new rules, as these changes represent one of the most significant overhauls of Queensland’s property laws in decades. This shift aims to provide greater consistency and protect property buyers with improved access to essential information.