It is proposed that the Property Law Bill 2023 will replace the current Property Law Act 1974 (PLA).
So what does that mean in regards property ? Below are some takeaways. If you deal with property matters, then it pays to keep up. Knowledge is power in the property industry.
Settlement day and everything goes wrong – what then?
Update on e-conveyancing
What happens if computer says no on settlement day?
Deed updates
Adverse conditions on settlement day
Section 81 Bill provides for settlement issues when parties are unable to settle due to an adverse event on the date (such as a significant weather event, public health emergency, act of terrorism, war or a similar event). The issue of inoperative computer systems is addressed (sections 79 and 80). The Bill ensures consistency between paper-based and electronic transactions.
E-conveyancing
Provisions which no longer work, due to changes in titling and/or conveyancing practice, have not been re-enacted in the Bill–for example, Property Law Act 1974 Qld s 61 Conditions of sale of land (1)(a), (c),(1A).
(1) Under a contract for the sale of registered land the purchaser shall be entitled at the cost of the vendor—
(a) to receive from the vendor sufficient particulars of title to enable the purchaser to prepare the appropriate instrument to give effect to the contract; and . . .
(c) to have the relevant certificate of title or other document of title lodged by the vendor in the land registry to enable the instrument to be registered; and
(1A) However, as to any such objection which the purchaser ought to have raised on the particulars or abstract, or upon the investigation of the title, or which arises from the purchaser’s own act, default, or omission, the purchaser shall not be entitled to have the same removed except at the purchaser’s own cost.
Part 6 of the Bill (Deeds and Covenants) deals with the validity of electronic signatures and electronic documents. There was no need to include general provisions because the Electronic Transactions (Queensland) Act 2001 already deals with those issues.
Deeds and Dates
The provisions relating to the delivery of deeds that were introduced as temporary measures during COVID-19 are now adopted as permanent changes. The more important of these are
- deeds may be in electronic form: s 46D Property Law Act 1972 Qld (PLA)
- deeds do not have to be sealed: s 46C(2)(c) PLA
- a witness is not required; an individual can sign a deed alone (or authorise an agent to sign it): s 46E PLA
Section 60 abolishes the rule in Pigot’s case (common law rule that may render certain deeds void if they are altered after the deed is executed).
The Limitations of Actions Act 1974 (Qld) is amended so that the limitation period for deeds entered into after commencement is reduced from 12 years to 6 years.
Indemnities and Guarantees can be digital
The Bill extends the “have to be in writing” rule to include those digitally signed as per section 14 Electronic Transactions (Queensland) Act.
Legal update on the Proposed Property Law Bill 2023
The Property Law Bill (Qld) 2023 was introduced to Queensland Parliament on 23 February 2023 – The Scheme is a significant change to conveyancing in Queensland and it will be vital that people in the industry are familiar with it. The proposed bill is over 120 pages long so we’ve summarised some key points.
- E-Property Laws
- Instalment Contracts
- Land Lotto – are you entitled to land?
- Leases
- Mortgages
- Seller Disclosure Scheme
Please contact us if you have any questions in relation to this matter or if we can assist you with any other legal matter. We have offices across South East Queensland with the capability to work electronically through Queensland and Australia.
Call us on 1300 334 566 or email info@bcglaw.com.au and safeguard your interests every step of the way- We are your legal problem solvers.
