This is Part 1 of our information series on disclosures for residential sales. Stay tuned for future information on the other disclosure requirements that may affect you!

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18 April 2019
Property Developments
Disclosure Series Part 1 – POA Disclosure Requirements for Residential Sellers
This is Part 1 of our information series on disclosures for
residential sales. Stay tuned for future information on the
other disclosure requirements that may affect you!
POA – a bright new future?
The Property Occupations Act 2014 (Qld) (POA)
governs a seller’s disclosure requirements for the sale of
residential property in Queensland.
The disclosure requirements in POA commenced on 1
December 2014. The main aim of POA was to simplify
the procedure for issuing a contract and reduce a
buyer’s termination right for technical breaches.
The key promises made when POA was introduced
included:
• The reduction of red tape and complex regulation;
• The improved operation and clarification of
disclosure provisions; and
• The improved regulation and licensing of property
agents to protect consumers.
POA in practice
The disclosure regime in POA has proven to be easier
to comply with then the former regime under the
Property Agents and Motor Dealers Act 2000 (Qld). For
example, POA:
• Introduced a new definition of what ‘residential’
property is;
• Excluded certain contracts (such as contracts
formed no later than 5pm on the second clear
business day from an auction if the buyer was a
registered bidder for the auction) from the
disclosure regime;
• Replaced the requirement to ‘attach’ a Form 30C
Warning Statements and Form 14 Information
Sheets (for units) to residential contracts with a
simple statement in the prescribed location in the
contract; and
• Simplified the procedure for waiving the cooling-off
period.
There is no termination right for the buyer for failing to
comply with these new provisions however, you can still
go wrong - the seller or its agent will commit an offence
and be liable for a maximum penalty of up to $26,110 for
a failure to include the required disclosure in the
prescribed location in the contract.
The REIQ and other standard-form contracts were
updated to reflect the change in regime. Although these
contracts are easy to comply with, POA compliance is
still an important consideration if dealing with a bespoke
contract.
Takeaways
The introduction of POA has reduced the red tape
associated with issuing residential contracts in
Queensland, but parties should still be wary to ensure that
they comply with the new simplified procedures.
If you have any questions about your property disclosure
requirements, we would be happy to assist.
*Disclaimer
The information contained in this update is intended as a guide only.
Professional advice should be sought before applying any of the information
to particular circumstances. While every reasonable care has been taken in
the preparation of this update, MinterEllison does not accept liability for any
errors it may contain