Practitioners should be aware the Property Law Act 2023, including the new seller disclosure framework, will start on 1 August 2025 and the forms have now been published.
The Property Law Regulation 2024, the Body Corporate and Community Management (Body Corporate Certificates) and Other Legislation Amendment Regulation 2024 and the Proclamation – Property Law Act 2023 are also available. The prescribed forms were released yesterday.
The regulations set out the prescribed information and prescribed certificates for the seller disclosure framework for the sale of land and lots in a community titles scheme.
The Property Law Regulation 2024 prescribes various matters to support the operation of the seller disclosure scheme, including the information and certificates which must be disclosed by the seller of a lot before a contract for the sale of the lot is signed by the buyer.
It also prescribes that a body corporate certificate is a prescribed certificate for the sale of an existing lot in a community titles scheme. The Form 2 Seller disclosure statement is available here.
The Body Corporate and Community Management (Body Corporate Certificates) and Other Legislation Amendment Regulation 2024 prescribes the matters that must be included in the approved form for a body corporate certificate for a lot included in a community titles scheme. The approved forms for body corporate certificates under the Body Corporate and Community Management Act 1997 are available here and approved forms under the Building Units and Group Titles Act 1980 are available here.
Queensland Law Society is working with REIQ to update the REIQ contracts to reflect the seller disclosure framework and will release more information on the contractual amendments as soon as possible.
QLS will also prepare education and support materials for the profession as part of this significant reform to property law in Queensland. Please stay tuned to Proctor for future updates.
Practitioners are reminded the Property Law Act 2023 will replace the Property Law Act 1974 on 1 August 2025. Until 1 August 2025, practitioners should continue to use the forms under the Property Law Act 1974.
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