Who Should Read This? Real estate rental agents, real estate sales agents, landlords/property investors, developers, build-to-rent developers, and tenants.
Last Friday (7/6), Queensland passed new residential rental laws, and the Real Estate Institute of Queensland (REIQ) and the Law Society released the updated REIQ contract. Here are the important highlights:
- Disclosure of Lease Agreements: Sellers must disclose any previous and existing lease agreements and the timing of the last rent increase.
- Warranty on Rental Information: Sellers are required to provide a warranty on the accuracy of the rental information to the buyer.
- Compensation for Inaccurate Information: If the rental information is inaccurate, buyers have the right to claim compensation.
- Evidence of Rent Increase: Sellers must provide evidence of the last rental increase to the buyer at settlement.
- Right to Terminate: If the seller fails to provide the required evidence, the buyer has the right to terminate the contract.
Queensland’s property laws are currently in a state of transition. These new laws are a precursor to the forthcoming seller disclosure requirements, which are expected to evolve similarly to those in New South Wales and Victoria.
For any questions or to obtain the new REIQ contract, please contact Stephen Kwok at 0402 937 286.
