Queensland’s property landscape is about to undergo a transformation with the commencement of the Property Law Act 2023. Passed on October 25, 2023, this Act replaces the outdated Property Law Act 1974, focusing on modernising practices and enhancing transparency in property transactions:
- Seller Disclosure Scheme
Sellers are now obligated to provide buyers with comprehensive disclosure statements before signing a purchase contract, shifting towards buyer protection and transparency.
- Leasing Fairness
The New Act ensures landlords cannot unreasonably withhold consent for lease assignments or sublets, providing a one-month timeframe for decision-making and potential damages for tenants if consent is unreasonably withheld.
- Liability of Assignors
Tenants and guarantors are released from breaches of the lease by subsequent assignees under the New Act unless expressly agreed otherwise.
- Lease Renewals
Clear processes are outlined for lessors to consider lease extensions when tenants are in breach, bringing structure and fairness to renewal scenarios.
- Breach of Lease
The Act introduces a fair process for landlords seeking to re-enter or forfeit a lease due to a breach, requiring a notice to remedy the breach and providing designated parties the right to seek relief from forfeiture.
Queensland’s Property Law Act 2023 marks a significant shift for home buyers and sellers, promising transparency, fairness, and efficiency. For buyers, the Seller Disclosure Scheme ensures greater protection and informed decision-making. Sellers benefit from a modernised process, building trust with buyers through transparent transactions.
This Act creates a balanced environment, offering flexibility for sellers and security for buyers. As the property market embraces these changes, Queensland’s home buyers and sellers can look forward to a more streamlined and equitable real estate experience.
If you need assistance during your selling or buying process, get in touch with your local bytherules Conveyancing team.
