In Queensland, a Seller Disclosure Statement is a legal document that sellers must provide to buyers before they sign a contract for the sale of property. This new regime, effective August 1, 2025, is part of the Property Law Act 2023 and aims to ensure buyers are fully informed about the property, its encumbrances, and ownership costs. Failure to provide a compliant disclosure statement could give the buyer the right to terminate the contract.
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The disclosure statement is a summary of a number of legal searches and checks on the property, typically run by a conveyancer, supplemented with input from the property owner.
As this process can take 5-10 days to complete (depending on the response times of the local authorities relative to the property), most agencies seek to initiate the process quickly after agreeing to list the property, so as to avoid later delays or risks to the sale process.
The final statement is a document pack, "owned" by the vendor, and may be reused if the property is withdrawn from sale by one agency and moved to another, provided all details remain the same.