Queensland Numbered Acts

PROPERTY OCCUPATIONS ACT 2014 No. 22 - SECT 158

(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.

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.