Date for new Queensland property laws announced.
We finally have a date for the implementation of new Queensland property laws, which will be the biggest change there in decades.
The Property Law Act 2023 will commence on 1 August 2025, introducing a comprehensive new disclosure requirement for sellers and a regime of prescribed documentation. This will bring the Queensland property market more in line with New South Wales from a disclosure perspective.
Crucially, a purchaser may be able to rescind a contract before completion if the disclosure documentation has not been provided correctly or there is a mistake in the material.
Given these fairly enormous implications, and the professional liability risk it will entail, it will be interesting to see whether Queensland agents continue to document their contracts in-house or whether they will defer to solicitors, like they do in New South Wales?
