Major changes are coming relating to the sale of property in Queensland.

One significant change is that the old principle of “Buyer Beware” will largely no longer apply.

There will soon be obligations on a Seller to make comprehensive disclosure to a Buyer of matters relating to the property and its condition.

That disclosure needs to be made to a Buyer before the Buyer signs the purchase Contract.

The type of information to be disclosed to a Buyer includes matters relating to the history of the building, rates notices, environmental statements and planning and zoning issues.

If a Seller fails to give the required disclosure, or it is incomplete, the Buyer will have certain rights – including the right to terminate the Contract at any time.

The disclosure requirements will no doubt add to the costs incurred by Sellers in selling their properties.

The changes will also likely affect how Contracts are prepared with perhaps a need for lawyers to become more involved prior to Contracts being entered into.

Until the proposed changes come into law, we won’t know the full extent of the new obligations imposed on Sellers or rights given to Buyers.

Watch this space!