IMPORTANT INFORMATION RELATING TO THE INTRODUCTION OF THE NEW SELLER DISCLOSURE REGIME

Members may recall that last year significant changes were made to the Property Law Act which included changes to the Seller Disclosure regime.

Since this occurred, a Property Law Working Group was established (SCAQ is represented on this group) and we are working to develop the form of the seller disclosure certificate and the fees associated with it’s production.

This process obviously takes time as there are many stakeholders to be engaged.

On 16 August 2024, the Property Law (Postponement) Regulation 2024 was made. The Regulation can be accessed here.

The Regulation postpones the automatic commencement of the Property Law Act 2023 until 3 November 2025, to ensure that the Act will not automatically commence before the draft regulations and approved forms have been finalised.

Currently, it is tentatively proposed that a proclamation will be made for the Act to commence on 1 August 2025.

Article contributed by Laura Bos, General Manager, Strata Community Association (QLD)