Buying and selling checklist updated for new seller disclosure requirements effective 1 august 2025.
Buying or selling a freehold residential or commercial strata property in Queensland involves more than a standard property transaction. Disclosure obligations under the
Body Corporate and Community Management Act 1997 (Qld)
, the
Body Corporate and Community Management and Other Legislation Amendment Act 2023 (Qld)
, and the
Property Law Act 2023 (Qld), introduces mandatory seller disclosure obligations the new regime which commences on 1 August 2025.
Schemes registered under
Building and Group Titles Act 1980 and
South Bank Corporation Act 1989 are also included with an amended form.
The new regime will provide buyers with a right to terminate the sale contract, if disclosure fails to provide accurate information that, if would have been disclosed, the buyer would not have entered the sale contract. If this occurs, the buyer holds a right to terminate the sale prior to settlement.
Whether you're selling, buying, or assisting in the process as an agent, here's your comprehensive and updated checklist to guide a smooth, compliant, and well-informed transaction...
