Real Estate
30 July, 2025
New sales disclosure rules
BIG changes that will impact sales and leasing for both residential and commercial property comes into effect from August 1, 2025.
The new mandatory ‘Seller’s Disclosure Regime’ is sure to be the hottest topic for most of those who are thinking about selling their home.
A ‘Seller’s Disclosure Statement’ will now need to be presented to a buyer before a contract of sale is signed. This statement, which will include four to five important searches relating to the owner’s property, must be “current and correct” at the time of settlement. If it is not, a buyer may legally be allowed to terminate the contract at any time without penalty.
Real estate agents in Queensland will be permitted to prepare this important document for their clients, however best practice would be to arrange a conveyancer or solicitor to prepare it to avoid mistakes or omissions that could be extremely costly.
Most standard searches relating to title can be completed within 24-48 hours. The biggest
change will be the searches relating to building compliance and encumbrances, like easements, that remain after settlement as these may take five to 10 days.
It’s important for buyers and sellers who are currently on the market, or are thinking about selling soon.
– Sean Thorpe is sales director, auctioneer and founder of the Paradise Property Group
