Are there any special disclosures I need to make about the history or condition of my property on the Gold Coast?
Yes, when selling a property on the Gold Coast, disclosing information about the history or condition of the property’s land is an essential part of the process. Here are some specific disclosures you may need to make:
Understanding the Seller Disclosure Statement
The Seller Disclosure Statement is a mandatory document that outlines key details about your property. It must be given to the buyer before they sign the contract. Failing to provide this statement or providing inaccurate information allows the buyer to terminate the contract at any time before settlement.
Key Disclosures You Must Make
Zoning and Land Use
Inform the buyer about the property’s zoning classification, which dictates how the land can be used. Zoning affects development possibilities and restrictions.
Environmental Factors
Disclose if the property is in areas prone to flooding, bushfires, or other environmental risks. Buyers need this information to assess potential hazards.
Easements and Encumbrances
Reveal any easements (like rights of way) or encumbrances that affect the property. These can limit how the property is used.
Previous Land Use
If the land was previously used for industrial or other purposes that might have caused contamination, you must disclose this history.
Soil Stability and Erosion
Provide information about soil stability, especially if there are known issues with erosion or land movement. This affects building safety and insurance.
Subdivision or Development Potential
If the property has potential for subdivision or development, disclose this to inform buyers interested in such opportunities.
Native Vegetation and Habitat
Inform buyers if the property contains significant native vegetation or wildlife habitats, as this may involve conservation obligations.
Local Council Notices
Disclose any notices or orders from the local council, such as requirements to rectify issues or comply with specific regulations.
Caveats or Restrictions
Inform buyers of any caveats or legal restrictions on the property’s title that may affect ownership or use.
Contaminated Land
If you are aware of any contamination on the land, from previous industrial use or other sources, you must disclose this information.
Consequences of Non-Disclosure
Failing to provide the required disclosures can lead to serious consequences. Buyers may terminate the contract before settlement and seek compensation for any losses incurred due to non-disclosure.
Preparing for Disclosure
To ensure compliance, gather all necessary documents and information about your property. Consult with legal professionals or conveyancers to assist in preparing the Seller Disclosure Statement and accompanying certificates.
By providing complete and accurate disclosures, you facilitate a smoother sale process and build trust with potential buyers.
Author – Craig Douglas
Please Note: The information contained in this document is for general information purposes only and does not constitute legal advice. The laws and regulations governing the sale of property in Queensland are complex and constantly changing. It is important to seek the advice of a qualified property lawyer or conveyancer before making any decisions about the sale of your property. This document does not take into account your individual circumstances and may not apply to your situation. By reading this document you agree that you have not relied on the information contained herein and that you will seek independent legal advice before taking any action.
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This page was proudly created by Craig Douglas, your local independent Gold Coast real estate agent, working for a Boutique Real Estate Agency. Selling residential and commercial properties, from those that are awe-inspiring, through to a diamond-in-the-rough, otherwise known as a “renovator’s delight”.
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