The recent passing of the Treasury (Cost of Living) and other Legislation Amendment Act 2012 (Qld) spells the end of mandatory sustainability declarations for sellers of residential property.
While the Bill was introduced to Parliament in May 2012, the provisions came into effect on Wednesday 27 June 2012.
The Act amends the Building Act 1975 (Qld) and the Property Agents and Motor Dealers Act 2000 (Qld) by removing most provisions relating to sustainability declarations. The Act removes all requirements for both sellers and real estate agents to provide sustainability declarations to potential buyers of residential property.
It is important to note that there are transitional provisions that ensure that buyers who incur loss through a false or misleading sustainability declaration prepared prior to the amendments coming into force will still be able to seek compensation from a seller.
The amendments make it clear that the buyer still has no right to terminate a contract for the publishing or giving of sustainability declarations by a seller that are false or misleading or incomplete.
Winner - EOWA Employer of Choice for Women Citation 2009, 2010
and 2011
Winner - Australasian Law Awards Gold Employer of Choice 2011
Finalist - ALB Australasian Law Awards 2008, 2010 and 2011 (Best
Brisbane Firm)
Winner - BRW Client Choice Awards 2009 and 2010 - Best Australian
Law Firm (revenue less than $50m)
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
