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A tech player has lauded the enactment of Queensland’s new property law bill.
LocalAgentFinder has said the introduction of full disclosure in property transactions will bring real change to the industry, “promoting a more transparent and informed market”.
The Property Law Bill is set to be moved, at this stage, on Tuesday (22 August) when State Parliament next meets, as reported within the Notice Paper program of the Queensland Legislative Assembly.
With the new legislation, which is set to replace the Property Law Act 1974, sellers will be required to disclose detailed particulars about their property, rather than the information be requested by potential buyers, with requirements ranging from structural defects to legal limitations and planning-related complications.
Examples of key factors include: property title, planning and zoning details, history of building work, any infrastructure proposals related to the property, outstanding rates and water accounts, body corporate information (if applicable), the property’s energy efficiency ratings, and any environmental issues or implications associated with the property.
LocalAgentFinder also flagged that the new bill will require sellers of freehold land to collate all essential details into a single, comprehensive document for the prospective buyer, with the aim of mitigating unforeseen challenges or complications for buyers down the line.
Richard Stevens, CEO of the LocalAgentFinder, believes that the introduction of the new obligations will bring Queensland in line with other states and territories.
He acknowledged that while it might seem daunting for property owners, it also presents an opportunity.
“The proposed changes aim to standardise the whole process. By providing comprehensive property information and transparency, it offers interested buyers greater confidence to proceed, potentially accelerating the selling process for both parties.”
With buyers better equipped to make an informed decision, he also expects the development “will likely encourage more activity in the property market as buyers and investors can operate with increased confidence”.
“We anticipate this bill will significantly benefit both buyers and investors. Having all relevant information upfront not only expedites decision making, it provides greater transparency around the transaction of such an important asset which protects against future legal disputes,” the CEO continued.
“It’s a step towards informed and equitable dealings.”
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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