Better access to property information at an early stage is a win: QLS president
Genevieve Dee, Queensland Law Society (QLS) president, has said new seller disclosure laws, introduced through reforms to Queensland’s Property Law Act 2023 and taking effect in the state on 1 August, would benefit property law practitioners.
Dee added that the new rules would align Queensland with other states.
In its news release, the law society acknowledged that the legislative updates might raise seller expenses. However, QLS said the changes aimed to help:
“This is a fundamental shift for practitioners, but we believe it’s a worthwhile change that delivers great benefit to consumers,” Dee said in the news release. “When many buyers are making the biggest investment and signing the most important contract of their lives, better access to information at this early stage is a clear win.”
Dee accepted that property law practitioners would need time to adjust to the new rules. However, she considered the reforms a good opportunity for them to reassess their retainers and fees.
“Practitioners can have clear conversations with their clients about the scope of the work they will be doing, and how they will charge for their services when discussing how the new scheme works,” Dee said. “This will ensure all parties are clear on their obligations, and the risks of not doing the documentation correctly.”
According to Dee, collaboration among lawyers, real estate agents, sellers, and buyers would help them ensure the accurate preparation of disclosure documents, learn right away about possible issues with the property, timely tackle these problems, and prevent deals from failing to push through when the contract was in the later stages.
She noted that the law society urged sellers and buyers alike to see a lawyer before making important legal decisions regarding property.
“A solicitor acts in their client’s best interests throughout the transaction,” Dee said. “Our members are well-placed to advise all parties to the contract about the new seller disclosure changes and other critical aspects of the sale agreement.”
In its news release, the law society stressed that purchasing a home has been key to the Australian dream for generations, still serves as the most significant investment many Australians will ever make, and means a safe space for them to eat, sleep, raise their families, and invite their friends.
The law society shared that it has been advocating for updates to the property legislation since 2013.
