Impact of new Act on residential buyers and sellers

In December 2014 a new Act commenced called the Property Occupations Act 2014 (Qld).

This is a pleasing development of the law for buyers and sellers as an object of the Act is to “provide a way of protecting consumers against particular undesirable practices associated with the promotion of residential property” and to achieve this, among other means, by “ensuring only suitable persons with appropriate qualifications are licensed or registered”.

The Act does however does impose additional obligations on buyers and sellers. For example, as discussed by Professor Sharon Christensen in her article published in the Australian Property Law Bulletin, comparing the new Act to the previous legislation, there has been “removal of requirement [for a real estate agent] to give a notice where sale of vacant land is not for residential purposes … a buyer will need to make their own inquiries to ensure that a residence can be constructed on the land”.

For more information about the impact of this Act on your sale or purchase of land, please contact us.