Residz Team 2 min read
Gone are the days of "buyer beware" as the sole principle in Australian property sales. Sellers and real estate agents now have significant #disclosure obligations, varying across states and territories. This blog post will guide you through these requirements and empower you to navigate the #selling process with confidence.
Knowing What Needs to Be Known: General Disclosure Obligations
Across Australia, the law requires disclosing any information that might influence a buyer's decision. This stems from the Australian Consumer Law, preventing misleading or deceptive conduct, even omissions.
State-Specific Requirements: A Breakdown
#Queensland:Previously known for limited seller disclosures, things are changing! The new Property Law Act (effective August 1, 2025) introduces stricter regulations. Sellers will need to provide:
These documents will detail:
#NewSouthWales & #Victoria: These states have more comprehensive disclosure regimes. Victoria, for example, mandates a Section32 Vendor's Statement covering:
#AustralianCapitalTerritory (ACT): The ACT boasts the most exhaustive list of disclosure obligations in Australia. Here, sellers must disclose details like:
Specific Disclosure Necessities
Certain information requires mandatory disclosure across most states:
Consequences of Non-Disclosure: Why Honesty is the Best Policy
Failure to meet disclosure obligations can lead to:
Beyond Buyer Beware: A Shift in Responsibility
The "buyer beware" principle still holds some weight, but Australian property law now prioritizes seller responsibility. While due diligence remains crucial for buyers, sellers and agents have a legal obligation to disclose known material facts impacting the property's value or purchase decision.
Transparency is Key: The Final Word
Disclosure requirements vary by state, but the overarching trend in Australia is towards increased transparency in property transactions. To ensure a smooth and legal experience, sellers should err on the side of caution and disclose any known issues. This not only fosters trust with buyers but also minimizes the risk of future disputes.