The recent passing of the Property Law Bill in Queensland marks a pivotal moment in the state’s legal landscape, with a comprehensive overhaul of outdated property legislation slated for 2024. Combined with the recently passed Body Corporate law reforms, our industry has a steep learning curve coming in early 2024.
These transformative changes not only modernise Queensland’s property laws but also address fundamental shortcomings that persisted for decades. While retaining key provisions from its predecessor, the updated legislation embraces contemporary language aligned with present commercial practices, aiming to enhance transparency and accessibility in property transactions.
Big Changes are Coming
Some of the headline changes coming in 2024 include:
- Introducing a mandatory seller disclosure scheme;
- New processes enabling the forced sale of a lot and termination of a strata scheme;
- Restricting the use of sunset clauses to terminate off-the-plan contracts;
- New leasing regulations;
- Abolishing the common law rule against perpetuities in trusts; and
- Enforcing covenants within registered easements.
What This Means for You
The passing of these new laws marks a proactive step toward fostering a more transparent and consumer-oriented property market in Queensland. But it will drastically impact the way many of us do business.
Whilst we don’t yet know when the new legislation will take effect, the government has promised sufficient time for education and preparation by industry sectors.
We’ll be breaking down the major changes affecting our clients in a series of updates in the new year. In the meantime, contact us with any queries.