A property’s flood risk may need to be declared under Qld reforms

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The Queensland authorities is consulting on a last-minute rethink of obligatory disclosure statements for property gross sales and whether or not to incorporate info on flood danger.

Solely days after wrapping up session on a proposed statutory vendor disclosure scheme, the federal government has contacted stakeholders to ask whether or not flood info must be proactively supplied to consumers.

Consideration is being given to whether a vendor’s disclosure statement should include the property’s flooding history.

Consideration is being given as to if a vendor’s disclosure assertion ought to embrace the property’s flooding historical past.Credit score:Getty

A earlier Queensland College of Know-how assessment led the federal government to draft disclosure statements that solely warned the customer to make their very own inquiries about flood danger. Sellers would nonetheless be beneath no obligation to reveal details about previous flooding.

“Additional consideration is being given as to if flooding historical past info also needs to be included within the vendor disclosure assertion,” the federal government has now instructed stakeholders.

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In a brand new session paper, the federal government acknowledged the draft disclosure assertion didn’t require flood historical past to be disclosed and stated that was according to QUT’s suggestions in 2018.

Nonetheless, it additionally famous the State Restoration and Resilience Plan, launched in July, highlighted the necessity for better consciousness of flood danger and said that “work is presently underway to discover the best way to greatest disseminate this info to potential property homeowners and tenants”.

The brand new session course of won’t solely cowl whether or not the vendor ought to present such info, but in addition what kind it would take, in addition to any sensible difficulties or extra prices in doing so.

If the federal government makes last-minute modifications to the disclosure regime to incorporate info on flood danger, it can additionally want to find out “the implications of failing to supply that info, or offering info that’s inaccurate”.

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