A wrath of changes will be imposed upon Queensland legal practitioners, real estate agents, landlords, and mortgagees, to name a few, when the Property Law Act 2023 comes into effect on 1 August 2025. According to Tara Cush, College of Law lecturer Queensland, there will be the need to use specific forms to meet obligations under the Act.
An example being, for the Seller to meet the new disclosure obligations under the Act, a Form 2 (Seller disclosure statement) will need to be completed by the Seller and signed by both the Buyer and Seller. The forms can be accessed on the Queensland Government website.
Along with the new forms, there are requirements with respect to service of the forms.
If the new obligations and requirements are not met negative consequences will follow, for example, if the Seller does not meet the disclosure obligations and certain circumstances exist, the Buyer may be able to terminate the contract.
The Act will also result in a new edition of the REIQ contracts impacted by the Act coming into effect. So, expect the release of a 20th edition of the REIQ contract for Houses and Residential Land.
In another development, Titles Queensland recently introduced a new Form 7 Lease. The aim of the new form is to ultimately enable leases to be lodged using an electronic lodgement network.
If you are involved in the property area, start preparing now so you are well versed in the requirements of the Act when it comes into effect on 1 August 2025.
Access to the forms required to be used under the new Property Law Act 2023: https://www.publications.qld.gov.au/dataset/property-law-act-2023-forms
Titles Queensland FAQs for the new Form 7 lease:
https://www.titlesqld.com.au/manual-guides/changes-to-leasing-practice-faqs/