Major changes relating to the purchase and sale of property in Queensland are coming into effect on August 1, 2025.
Traditionally, it has been up to the buyer to satisfy themselves a property was ‘right for them’ by doing their due diligence and obtaining relevant searches – the old adage of “let the buyer beware”.
The new regime requires a seller to provide the buyer with a disclosure statement with relevant information (along with copies of searches) prior to the buyer signing the contract.
If the seller fails to do this (or if the information is incomplete or incorrect), the buyer has certain rights including a right to terminate the contract at any time up to settlement.
The regime applies to residential and commercial property and there are only limited exceptions.
No doubt, a buyer who is ‘locked in’ to an unconditional contract and then gets cold feet (or finds a more favourable property elsewhere), will carefully scrutinise the disclosure statement and the seller’s information provided, to see if there is an opportunity to get out of the contract.
Often the seller needs the funds from their sale to buy their new home.
Sellers should obtain legal advice to ensure their obligations are met, to avoid a deal ‘falling over’ at the last minute.
Seller beware!
Trent Wakerley, Director, Kruger Law, Level 3, Ocean Central, Ocean Street, Maroochydore, 5443 9600, krugerlaw.com.au
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