News / Lot Entitlements Changes Now Passed /
Lot Entitlements Changes Now Passed
2 April 2013
You will recall our Mullins Update in October 2012 which provided you with some information about the introduction into Parliament of the Body Corporate and Community Management and Other Legislation Amendment Bill 2012. This is to let you know that the Bill was passed (with some minor amendment) on 19 March 2013 and the Act was assented to on 27 March 2012.
By way of reminder, the changes result in the following:
- There is now a process for a lot owner to submit a request to the body corporate committee to adjust the contribution lot entitlement schedule back to reflect the entitlements as they were before any "reversion" process under the 2011 Amendments to the Body Corporate and Community Management Act 1997.
- The body corporate committee must notify all lot owners and proceed to change the contribution lot entitlement schedule back to the pre-2011 Amendments position. There is a process to apply for an order from a specialist adjudicator or QCAT if a lot owner believes the changes do not accurately reflect the previous entitlements.
- Disclosure requirements have now been changed to remove the need to make a statement to a buyer as to the extent to which body corporate levies are determined by reference to the contribution lot entitlement schedule or the interest lot entitlement schedule. It also removes the requirement to provide a copy of the current community management statement to a buyer.
If you have any queries regarding the new legislation, please feel free to contact:
Rebecca Castley | Partner
t +61 7 3224 0211
f +61 7 3224 0333