The Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Act 2022 became law on 9 May 2022. Most of the changes to the Act came into force this month.
Unit title owners own a defined part of a building, such as an apartment, and share common areas such as lifts, lobbies or driveways with other owners. Residential unit title properties are typically apartment blocks and townhouses.
The provisions provide greater protections for people who buy or own unit title properties, by:
- Require a wider range of information to be provided to prospective buyers and provide additional rights to buyers if these requirements are not met
- Strengthen governance arrangements in relation to a body corporate
- Raise standards for body corporate managers
- Ensure adequate planning of long-term maintenance projects
- Introduce new dispute resolution rules and fees
- Allow for greater flexibility in relation to utility interests and charges to unit owners
- Give new powers to the regulator.
The Amendment Act makes changes and additions to the Unit Titles Regulations 2011. Further regulations will need to be developed to support some of the changes in the Act.
Changes that are expected to be introduced next year include:
- Changes to requirements for long-term maintenance (LTM) plans and funds
- New regulatory powers to improve compliance.
This is good news for prospective buyers who may be considering purchasing a unit title property.
More information can be found at: