Seller Disclosures Statements
This is a significant change to selling property in Queensland. Commencing from 01 August 2024, the principal of “Buyer Beware” will cease to be with the sale of residential and commercial property, this change moves the onus of “full disclosure” to the Seller.
Watch the video from Chris McGregor, principal of Bay Islands Property.
So what does this mean to someone selling a property from 01 August?
From 01 August all Sellers will need to provide the Buyer with a “Seller’s Disclosure Statement” prior to the Buyer signing the Purchase Contract. The Seller’s Disclosure Statement will need to include (but is not limited to): Title Search, Survey, disclosure of unlicensed and/or approved building works, statutory notices including, rates, pool certificate, building compliance and neighbourhood disputes. The Sellers Disclosure statement will need to included individual documentation for the above.
Who needs to prepare the Seller Disclosure Statement?
Depending on the complexities of your Sellers Disclosure Statement, you as the owner of the property can prepare the document; your Real Estate Agent can prepare the document of you, or you may need the assistance of a solicitor or conveyancer.
What are the consequences of not getting this right?
The consequence for supplying inaccurate information, or supplying all or part of the documentation after the Buyer signs the Purchase Contract, will give the Buyer the right to terminate to purchase contract at any time up to the moment prior to settlement of the sale.
Why do we need to know about this now, six months prior to the change?
Your property may need attention. If you are an Owner Builder you may need to follow up documentation with your trades and Certifier to obtain your Final Certificate, or you may decide to sell stating that the property does not have a Final Certificate? You may prefer to sell your property now, prior to 01 August.
How long will it take to prepare the Sellers Disclosure Document?
Preparing the Sellers Disclosure Document, with its attachments may take a week to prepare and there will be a cost to prepare this document, with its attached Certificated and Notices.
Further Information
If you are considering selling a property in 2025, ensure that you take the time to talk to one of our competent team members who are already learning all we can about these changes, to help best advise you, for your specific needs.
