As discussed in our previous blog this month, there have been more changes made under the Property Law Act 2023 (QLD) recently, and the main one is the new seller disclosure regime, commencing for all contracts signed by all parties by the 1st of August 2025.
A lot of Sellers are stressing as to what the Buyer’s termination rights may be and we have discussed a few in this blog.
No Disclosure Statement provided to the Buyer
If the Seller does not provide the Buyer with a Seller Disclosure Statement or the searches and notices required under such Disclosure Statement, before the Contract is signed by the Buyer, then the Buyer may terminate the contract.
Disclosure Statement is incorrect
If the Seller provides the Buyer with a Disclosure Statement which is:
- Incomplete or inaccurate with regards to matters which are affecting the property; and
- The Buyer is not aware of such matters which are affecting the property at the time they sign the contract; and
- The Buyer would have never signed the contract, had they been aware of such matters at the time of signing the contract
Then the Buyer is able to terminate the contract.
However, the matters must be material, therefore items such as providing the rates amount or the water amounts payable for the property, would not allow the Buyer to terminate the Contract.
Can Buyers terminate the Contract if the Seller’s Disclosure Statement is correctly provided?
No, Buyers cannot terminate the Contract if the information is already disclosed, however they can terminate the contract, up until the settlement date, if they:
- uncover ‘material inaccuracies’ that were not initially disclosed once they order their own searches.
- do not receive satisfactory finance approval for the purchase;
- do not receive satisfactory building and pest reports for the property (acting reasonably);
- do not receive satisfactory body corporate records searches; or
- any other special conditions, which are in the contract for the benefit of the Buyer, are not satisfied by the Seller or the Buyer.
Can you help us with the new seller disclosure regime?
Yes, we sure can. We recommend you speak with us before you enter into a contract, so that we may review the contract for you and prepare the Seller’s Disclosure Statement, or if it has already been prepared, we recommend we review it for you.
There are many steps you must take once a contract is signed moving forward and this is why it is crucial that you speak with us before signing a contract, so that you are well prepared for the next steps in the usually fast paced conveyancing process.
Contact our team today to speak with us regarding any property matters.
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