Unit Titles Act 2010Add RSS Feed What is RSS?

Jul 2011

On 20 June 2011, the Unit Titles Act 2010 ("Act") came into force.  The Act replaces the Unit Titles Act 1972 (except for certain transitional arrangements).  The Act provides for how unit title developments are created, managed and the rights and obligations of unit owners. 

The Act affects all existing and new unit title developments.  All unit title developers, owners, body corporate managers, real estate agents and purchasers of unit title properties are affected by the Act. 

Some of the key aspects of the Act are:

  • significant new disclosure obligations on a seller of a unit title property.  In certain circumstance a purchaser of unit title property has the ability to delay settlement or cancel an agreement if the vendor does not comply with its disclosure obligations. 
  • a requirement for a body corporate to establish and maintain a long-term maintenance plan.
  • flexibility for a body corporate to change unit owner's contribution to body corporate operating costs.
  • new body corporate voting requirements.
  • new body corporate rules arrangements.
  • the ability for a "principal unit" to be further subdivided to create a "subsidiary unit title development" within the main unit title development. 
  • greater obligations for a body corporate to maintain common property and other parts of the development that are essential to the unit title development.

Noting the above, there are significant new obligations on unit title owners and body corporates.

Please contact Robert Huse if you would like to discuss the Act and its affect on you.

Prepared by Robert Huse