Seller disclosure statements
Seller disclosure statements are intended to make the home-selling process as transparent and consistent as possible for property buyers. It’s a legal requirement in Queensland for a buyer to be given a signed seller disclosure statement before signing a contract of sale.
What you must disclose on a seller disclosure statement
Information that you must disclose on a Mount Isa seller disclosure statement includes documented evidence of:
- your property’s title search
- your property’s registered survey plan
- your most recent Mount Isa Council rates and water consumption notices
- any unregistered encumbrances on the property (i.e., any interests in the property by any entity other than the current owner. The most common unregistered encumbrances on properties are sewerage and drainage pipes that the council has a right to access at any time if necessary).
You must also confirm (or provide details) on all of the following in your seller disclosure statement:
- whether your property has had any unlicensed building work on it within the last six years.
- any current ‘show cause’ or ‘enforcement’ notices that have been issued to you as the owner of the property by council.
- whether your property is registered on an environmental management pr protection register.
- any current infrastructure notice or order that may affect the property (e.g., a notice of intention for an authority to resume part or all of the property).
- whether you have a pool safety compliance certificate (if you have a pool).
- whether the property is subject to any current neighbour disputes (e.g., fence or tree disputes).
If you are buying a Mount Isa unit or townhouse, then the body corporate must provide a disclosure statement with the following information:
- its current contact details
- its current financial position (i.e., the balances of its administration and sinking funds)
- the details of any other body corporate assets besides its administration and sinking fund accounts
- current annual owner fees (including any insurance levy) and when payments are due (usually quarterly)
- current insurance details for common property
- the current fire safety compliance of the complex.
Any seller disclosure statement must be signed and dated by the seller as being accurate and complete for it to be valid.
Property information that you don’t have to disclose
Information that doesn’t have to be disclosed on a seller disclosure statement includes:
- any property flood history
- the structural soundness of the home
- any pest issues
- any current or previous uses of the property
- any current or previous property development approvals
- any limitations on how the property may be used.
Buyer due diligence
Although Mt Isa seller disclosure statements provide buyers with a lot of information, it’s still important for buyers to do their own research and due diligence on a property before signing a contract to buy it.
This due diligence could include getting a building and pest inspection done as a contract condition, as well as having a solicitor or conveyancer conduct searches for relevant property information.
The bottom line
Seller disclosure statements are not only a legal requirement in Queensland, but they also help to give buyers more confidence to buy properties. Buyers have the right to terminate property sales contracts if full and accurate seller disclosure statements are not provided, so they are important documents.
About us
Jays Real Estate has been Mount Isa’s premier residential and commercial real estate agency since 1981.
If you’re thinking about buying, selling, renting or leasing any Mt Isa property, or you need your property professionally managed, then contact our team today for an obligation-free chat!
We’d be happy to provide you with advice and to answer any property questions you have.