Form 2 Frenzy: The New Property Law in Effect

From now on, Queensland’s new Seller Disclosure regime is officially in force, the property law requiring a completed Form 2 Seller Disclosure Statement to be provided before property contracts can be signed.

The change affects every residential, commercial and rural transaction under $10 million state-wide, and agents and sellers alike are scrambling to stay compliant.

SearchX, a Queensland-built legal technology platform, is stepping up as the go-to solution. Since launching 2 weeks ago, the platform has already processed thousands of disclosure reports for the 200 proactive agencies already signed on to the SearchX platform, with the majority processed in 24 hours.

SearchX Co-Founder and Solicitor, Tim Neville, says the new laws represent a massive shift in legal responsibility for sellers and agents, “There’s no room for guesswork anymore. This is a legal document, and if it’s wrong or incomplete, contracts can fall over, or worse, result in liability for agents or sellers. SearchX removes that risk by combining automation with real legal oversight.”

Unlike template-driven services, SearchX assumes the legal liability for the Form 2, streamlining the entire process and providing peace of mind.

Grace Low, a Principal of a Harcourts Agency, is among the growing list of agencies already onboard, “I’m excited as a principal of our agency to be partnering with SearchX. It’s a one-stop shop with a fixed fee that takes all the legal liability away from us - we’re so excited to be using it. Not having the Form 2 properly completed could leave our sellers vulnerable, even allowing buyers to terminate right up to settlement. We do not want that happening.”

With over 200 Queensland agencies already signed up and more joining daily, SearchX is proving that compliance doesn't have to be complicated.

Learn more www.search-x.com.au

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