Queensland Consolidated Acts

PROPERTY OCCUPATIONS ACT 2014 - SECT 158

158 Disclosures to prospective buyer

(1) A property developer marketing residential property must disclose the following to a prospective buyer of the property—

(a) any relationship, and the nature of the relationship (whether personal or commercial), the property developer has with an entity (a
"referred entity" ) to whom the property developer refers the buyer for professional services associated with the sale;

Examples of relationships for paragraph (a)—

• a family relationship

• a business relationship, other than a casual business relationship

• a fiduciary relationship

• a relationship in which 1 person is accustomed, or obliged, to act in accordance with the directions, instructions, or wishes of the other

(b) whether the property developer derives or expects to derive a benefit from a referred entity and, if so, the amount, value or nature of the benefit;

(c) if the property developer derives or expects to derive a benefit from a referred entity—

(i) for a referred entity who is an individual—the individual’s full name; or

(ii) for a referred entity that has a registered business name—the registered business name;

(d) the amount, value or nature of a benefit an entity has received, receives, or expects to receive in connection with the sale, or for promoting the sale, or for providing a service in connection with the sale, of the property;

(e) if an entity has received, receives, or expects to receive a benefit in connection with the sale, or for promoting the sale, or for providing a service in connection with the sale, of the property—

(i) for an entity who is an individual—the individual’s full name; or

(ii) for an entity that has a registered business name—the registered business name;

Examples for paragraph (e) of an entity who may receive a benefit—

• accountant

• finance broker

• financial adviser

• financier

• property developer

• property valuer

• seller

• solicitor

(f) that the property developer holds an interest of at least 15% in the property.

Penalty—

Maximum penalty—200 penalty units.

(2) The disclosure is effective for subsection (1) only if it is—

(a) given to the prospective buyer in the approved form before a contract for the sale of the property is entered into; and

(b) acknowledged by the prospective buyer in writing on the approved form before a contract for the sale of the property is entered into.

(3) Also, for subsection (1) (c) , disclosure in compliance with the approved form is sufficient.

(4) In this section—

"benefit" means monetary or other benefit.

"residential property" includes a proposed home that—

(a) is to be erected or constructed under a domestic building contract; and

(b) is being marketed in connection with marketing land.