Queensland's Seller Disclosure Rules: A Mixed Bag

0:00It's April 7th. Welcome in. This is Sydney News Today, where local news meets AI. Queensland's new seller disclosure rules rode out in August last year, aimed to bring more transparency to property sales with a Form 2 statement. Sellers now have to hand over details on zoning, contamination, heritage, and more before any contract gets signed. Fires can back out up to settlement day and get their deposit back if key infos missing. But the real estate industry says it's sparking a rise in shady moves like guzzumping. The big issue, these forms are blowing up to 100 pages for apartments and 250 for houses, slowing everything down. In hot markets, sellers take a verbal offer, start prepping the paperwork, then jump to a higher bid before it's ready. Real estate leaders call it unethical, but not illegal, and it's frustrating everyone involved. Agents and conveyances are venting hard buyers, skim the massive docks and miss easements, fees, or defects, leaving them exposed after signing. Sellers put big bills for searches that

1:03buyers repeat anyway. One pro says they've done 20 settlements a week and seen zero real wins for buyers from this setup. Mortgage brokers worry it's hitting first home buyers hardest, adding stress in a tough market. They push for better due diligence and mandatory flat history reveals the industry wants simpler rules to cut the overwhelm. The real estate institute of Queensland flagged this to the attorney general last year and it reviews in the works with government watching close. Fingers crossed, it streamlines the process without the drama.