How does the new law affect you?
As an owner of unit titled property, you are automatically a member of the body corporate for that property.
It is essential that owners work with a specialist body corporate manager to implement the new legal obligations and ensure they comply with them. New rules and procedures have been introduced which affect all aspects of owning a unit titled property. Here are a few examples:
- Duties and obligations of owners are now specified in the Unit Titles Act. Matters such as unit alterations and how they can be carried out are now stipulated within the legislation.
- A body corporate must hold an AGM every year.
- Operational Rules for a body corporate are now set out in the Unit Title Regulations. These default provisions override any rules previously in place as from 1st October, 2012.
- A body corporate must now have a 10 year Long Term Maintenance Plan.
- A body corporate must have one or more funds to deal with matters such as long term maintenance, capital improvement and operational expenses.
- The manner in which levies are calculated has been changed with the introduction of an Ownership Interest and a Utility Interest. If you have not paid your levies, you cannot vote.
- There are new disclosure requirements when selling a unit.
- There are new rules for absent owners.
Unit Titles Act 2010
Unit Titles Regulations 2011