SELLING your home is known as being a highly stressful time in a person’s life.
Dealing with factors such as emotional attachment to the property, high financial stakes and thinking about what repairs need to be made before you should even put your property on the market can be very overwhelming – often leading you to forget important requirements and even overlook the liability you hold as a seller.
On the contrary, buying a home also comes with many risks. Unforeseen structural damage or defects, legal and regulatory compliance and contracts unexpectedly falling through are all details you need to be aware of before you sign that contract and go unconditional.
The new Seller Disclosure Scheme established under Queensland’s new Property Law Act 2023 (Qld) means that sellers are now required to prepare a Seller Disclosure Statement based on specific searches conducted on their property, and a Contract and Property Report which explains the results of those searches in detail.
The Seller Disclosure Statement aids in relieving the above-mentioned concerns and provides multiple benefits for both parties.
Benefits for sellers:
- Reduces the risk of contract termination, litigation and financial loss; and
- Increases trust and transparency with potential buyers.
Benefits for buyers: - Right to terminate contract up until settlement date if the seller does not provide the Seller Disclosure Form; and
- It is now the seller’s responsibility to conduct the appropriate searches and disclose any critical details (no more “buyer beware).
Our clients can rest assured knowing that the new Seller Disclosure Statement requirements protect both sides of the conveyance, and that our team can assist with ensuring their purchase or sale goes smoothly.
Note: Olympia Kemp-Upton, Conveyancing Assistant at Zande Law Solicitors, Jade Chambers, 3/15 Middle St, Cleveland, the author of this article, is training in the area of Conveyancing.
The information in this article is merely a guide and is not a full explanation of the law. This firm cannot take responsibility for any action readers take based on this information. Please contact us for professional advice.
