The Real Estate Institute of Queensland (REIQ) is alerting industry professionals and consumers that the new statutory Seller’s Disclosure regime will require most property sellers to provide a prescribed disclosure statement before contracts are signed.
Under the Property Law Act 2023, sellers must complete a Form 2 disclosure statement containing key information about the property, including title details, easements, and planning matters.
These statements will be displayed at open homes, auctions, and provided electronically to prospective buyers.
REIQ CEO Antonia Mercorella said the reform aims to create greater transparency in property transactions.
“The seller’s disclosure regime modernises the way property is bought and sold and is an important legislative change that ensures buyers are presented with key information upfront, helping them make informed decisions and reducing the risk of deals falling over post-contract,” Ms Mercorella said.
Despite the new requirements, buyers are still responsible for conducting their own due diligence.
The REIQ said that the ‘buyer beware’ principle remains in effect, and disclosure statements may not cover all aspects of a property that buyers should investigate.
“While this regime enhances consumer protection by providing a consistent foundation of information across the state, it’s important for buyers to understand that the disclosure statement may not cover everything they wish to know about a property,” Ms Mercorella said.
The REIQ has expressed concerns about the lack of government infrastructure to support the new requirements.
Unlike other states, Queensland does not have a comprehensive statewide search tool to help sellers gather the necessary information, potentially creating challenges for those in regional and rural areas.
To address these challenges, the REIQ has developed resources to assist real estate professionals and has partnered with Securexchange to create a Seller’s Disclosure Tool that streamlines the process of gathering required information.
The institute has also identified ongoing issues with the legislation, including complex requirements for providing disclosure documents at auctions and the reintroduction of Community Management Statement disclosure obligations for community title schemes.
Ms Mercorella said that while the REIQ supports the reform’s objectives, implementation concerns remain.
“We continue to urge the State Government to take greater responsibility in ensuring sellers and real estate professionals are equipped with the tools and access needed to meet their new legal obligations – affordably and efficiently,” she said.
The REIQ will monitor the impact of the new laws and continue advocating for improvements to ensure the system works effectively for all parties involved.
“Real estate is a cornerstone of Queensland’s economy, and it’s critical that we strike the right balance between buyer protection, seller responsibility and transaction efficiency,” Ms Mercorella said.
