On 25 October 2023, the Queensland Government passed the Property Law Act 2023 – replacing the Property Law Act 1974.

The Property Law Act 2023 will commence on 1 August 2025, following proclamation given by the Queensland Government on 20 September 2024. This new legislation introduces a raft of changes to property law, that will impact property sales and leasing in Queensland.

Seller’s Disclosure Regime

A new mandatory Seller’s Disclosure Regime has been introduced in Queensland. This regime applies to the sale of both residential and commercial property in Queensland.

From 1 August 2025, a seller will be required to provide a disclosure statement and prescribed certificates in relation to the property they are selling, to a prospective buyer before a contract of sale is signed by the prospective buyer.

There are specific requirements for how the disclosure documents must be prepared, what must be included and how it must be given to the buyer.

In Queensland, real estate professionals are permitted to prepare and exchange the disclosure documents on behalf of their client (the seller).

There are some limited exceptions that apply to specific property transactions.

The buyer may be entitled to terminate a contract of sale any time before settlement if the disclosure documents are not provided correctly, or there is a mistake or omission that relates to a material matter, which the buyer was not aware of and had they been aware, they would not have entered into the contract.

Property sale transactions

Provisions relating to the settlement of contracts have been updated to reflect modern conveyancing processes, including electronic conveyancing. These changes will not likely have a significant impact on real estate professionals, however it is important to be aware of these changes and to direct your clients to seek legal advice if they need assistance.

Right to rescind contract of sale on destruction of or damage to dwelling house

Provisions relating to the right of a buyer to rescind a contract for the sale of a house that has been destroyed or damaged resulting in the property to be unfit for occupation now clarifies the buyer’s right to termination. This right will end on the earlier of:

settlement;
the buyer taking possession of the property; or
the seller rectifying the dwelling so that it is returned to the condition it was prior to the damage or destruction.

The buyer also now has a right to inspect the dwelling to confirm it has been returned to the condition it was in prior to the damage or destruction.