The Treasury (Cost of Living) and other Legislation Amendment Act 2012 (Qld) came into operation on the 27th June 2012 and will affect the residential real estate industry. The Act amends the Building Act 1975 (Qld) and the Property Agents and Motor Dealers Act 2000 (Qld) by removing the requirements on sellers and real estate agents to provide a sustainability declaration before the sale of residential properties.
The sustainability declaration was a compulsory checklist that the seller had to complete identifying to potential buyers the properties environmental and social sustainability features. This change will alleviate the administrative burden on sellers of a house, unit or townhouse.
A buyer who incurs a loss through a false or misleading sustainability declaration prepared prior to the amendments will still be able to seek compensation from the seller. The amendments also make it clear that the buyer still has no right to terminate the contract for the publishing or giving of sustainability declarations by a seller that are misleading.