Sellers may have to disclose flood-risk under major property reform
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Vendors selling their properties in Queensland may have to disclose more information about a potential flood risk in the future.
Previously, a QUT review recommended buyers be made aware of the flood risk, but the onus was on the prospective buyer.
But now the disclosure guidelines are under review by the state government and could be tightened.
QUT Professor of Property Land Research, Sharon Christensen, explained the potential impacts for sellers.
“At the time those home owners come to sell, they would have to, as part of a new seller disclosure regime, disclose the risk of flooding,” she told Jess Millward, filling in on 4BC Afternoons.
“I think what the government is working through at the moment is exactly what information that will be that sellers need to give.
“There is some issue a the moment about what is a flood, do you have to disclose that your property was flooded if there was 2 centimetres of flooding in the backyard, or is it something where you are going to have to disclose if if came onto you property?”
She said there were a few key questions, including what constitutes a flood, and what information will be relevant to a buyer.
Press PLAY below to hear more of the key questions