Property laws to enter a new era

Preparations will need to begin now for the biggest overhaul to Queensland property laws in 50 years, which will affect real estate transactions and commercial leases.

Aiming to simplify, streamline and modernise Queensland’s property law regime, The Property Law Act 2023 was passed by state parliament in October 2023.

According to Townsville law firm Sarinas Legal, the announcement of the Act’s commencement date by the Queensland parliament, will signify a new era for property transactions in Queensland.

A new seller disclosure scheme will make sure buyers of freehold land are given relevant information about a property before making the decision to purchase.

Commercial leases will be altered by enacting new standard lease terms, and an assignment process will be introduced, where landlords are required to deal with requests from lessees expeditiously.

It also contains an updated legal framework around electronic property transactions, updates to provisions relating to leases and clarification of the powers of mortgagees and protections for mortgagors.

Sarinas Legal principal Evan Sarinas welcomed the changes, saying they were a positive step forward for buyers, who would be better informed about the property they were buying, making the conveyancing process more clear, fair and practical.