The Property Law Act 2023 Introduces Major Reforms

KEY POINTS

The Property Law Act 2023 (the New Act) was passed on 25 October 2023. It will likely receive Royal Assent in the next week and will commence on a date set by proclamation (to be announced soon).

The New Act will replace the current Property Law Act 1974 (QLD) (the Current Act) and modernise Queensland's property laws, better facilitating e-conveyancing and electronic transactions.

Important changes include:

• The introduction of a statutory seller disclosure scheme (Seller Disclosure Scheme);
• Rules relating to leases will be updated, introducing additional protections for current and former lessees;
• Limitation period for actions brought based on a deed is reduced from 12 years to six years;