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 ensure that the legal obligations imposed upon Bodies Corporate are complied with. Recent changes to the rules and procedures governing Bodies Corporate affect all aspects of owning a unit titled property. Here are a few examples:
- Duties and obligations of owners are specified in the Unit Titles Act. Matters such as unit alterations and how they can be carried out are stipulated within the legislation.
- A body corporate must hold an AGM every year and developments with 10 or more units (known as ‘large Unit Title’ developments) must have a Body Corporate Committee.
- Operational Rules for a body corporate are 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 Long Term Maintenance Plan which is to be reviewed every 3 years. As from May 2023 additional requirements are also imposed on large Unit Title developments.
- 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 is determined by Ownership Interest and a Utility Interest.
- There are new rules surrounding the running of Committee business, including the introduction of a Code of Conduct.
- Substantial disclosure requirements have been introduced in May 2023 which apply when selling a unit.