New Queensland property law sparks market jitters and creates niche disclosure services industry
New requirements are shifting the burden firmly from buyers onto sellers, under the Seller Disclosure Scheme, to reveal detailed information before any contract is signed.
This has sparked both confusion and opportunity across the industry.
WATCH THE VIDEO ABOVE: New seller disclosure laws
From August 1, every seller must provide detailed disclosures before a contract is signed
Sellers who aren't fully across the new laws could find themselves unable to list the properties.
'It is now a legal obligation,' REIQ chief executive Antonia Mercorella told 7NEWS.
'Sellers must disclose everything from structural defects to flooding, easements and contamination or risk major legal consequences.'
The changes, aimed at improving transparency and empower buyers, represent one of the biggest legal shifts the Queensland property market has seen in decades.
However, real estate agents warn the rollout has been rushed.
'We've had sellers and agents scrambling this week to get deals done before today,' said David Holmes from Homes and Co Auctions.
'We're expecting low clearance rates and confusion at open homes this weekend.'
This weekend, Brisbane has 269 properties scheduled for auction, showing a 22 per cent decrease from last week's 344, according to realestate.com.au.
What must sellers now disclose?
Under the new rules, vendors must provide a completed Form 1 covering land title, planning notices, defects, and any adverse matters affecting the property.
For units, the requirements go further.
Strata sellers must also supply Form 2 and Form 33, including:
Body corporate certificates
Insurance details
Sinking fund forecasts
Bylaws and levies
'There's no flexibility anymore,' said CEO of Archers the Strata Professionals, Nicky Lonergan.
'Without those forms, you can't enter a contract.'
But with the official forms only made publicly available on Friday morning, many sellers are already on the back foot.
'Weeks to catch up'
The REIQ has warned the new regime could choke supply and disrupt auctions, particularly in the already sluggish unit market.
'We're concerned about sellers who aren't prepared, and buyers who'll face delays,' Mercorella said.
'This has come in fast and there are still gaps in education across the industry.'
Agents said the changes are well-intentioned, but poor timing and lack of lead-in support are a recipe for short-term pain.
'It's going to take weeks for the market to catch up,' Holmes said.
'Until then, sellers will wear the cost in advertising, legal prep and lost momentum.'
New law, new business
The legislation has also given rise to a niche industry: businesses now offering to manage disclosure paperwork on behalf of sellers, for a fee.
'We've been really busy. There's been a lot of work to get this new platform ready,' said FormCheck chief executive and co-founder Druen Dorn.
'This takes something that is otherwise quite complex and it makes it really simple for them.'
FormCheck charges $799 per property and promises a 24-to-48-hour turnaround for standalone homes and individual land, using a digital platform to streamline the process.
'Most of it is automated. We have plug-ins ... that allow us to order all the searches we need very quickly.'
Still, depending on the property, some packages may take longer, 'up to five days because you are relying on multiple searches and multiple pieces of information back'.
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