This is a special segment of Talking Law brought to you inside of 2 days of the new Qld Tenancy Laws commencing which are now in force. The news laws focus on residential and rooming accommodation agreements in Qld, where rental increases now attach to the property itself and not the tenancy, a first in Qld. Plus, as of 7 June 2024 there are now new REIQ contracts in place for residential houses and units. The new REIQ contracts now include the following new rights and obligations on buyers and sellers: a) New disclosure obligations on sellers upfront to disclosure PRIOR and EXISTING tenancy agreements and when the last rental increase occurred; b) A new warranty by the Seller of the accuracy of this information to buyers; c) A right to claim compensation by a buyer if this information is inaccurate; d) Sellers providing "evidence" to a buyer of the last rental increase prior to or at settlement; e) A right to terminate a contract by a buyer if the seller fails to provide this "evidence". Qld is currently in a state of change, and these new laws are just a pre cursor of what is to come in Qld with the new Seller Disclosure Regime we are awaiting assent to at present, and talks of changes to first home buyer stamp duty and investment duty and many more issues at stake. This segment is a must watch for all sellers, seller's agents, buyers, buyers agents, managing agents, property investors and other property players in Qld. If you want a short summary of the changes take a listen here.
https://www.youtube.com/watch?v=W58BLR3WSIo
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Posted By Despina Priala
Despina Priala has practised in property and commercial law on the Gold Coast for over 25 years and has extensive experience in this area.
Updated : 17th June 2024 | Words : 270 | Views : 359
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