Our law around unit title property is set to change so that:
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virtual attendance is allowed for a body corporate or committee meeting;
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owners levies must be paid up if they wish to vote, or be counted in the quorum of a body corporate meeting;
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Committees must provide minutes to owners, within one month of their meetings;
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Committee members must comply with a new code of conduct, including acting in the body corporate’s best interest, and disclosing any personal conflicts of interest;
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body corporate manager’s must disclose conflicts of interest and adhere to a code of conduct;
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a failure to provide a pre-contract disclosure statement on time, means the buyer can cancel the agreement or delay settlement – this would continue to apply to a pre-settlement disclosure statement; and
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more focus is given on body corporates having a long-term maintenance fund.
Overall these changes are for the better, and should help support the better administration of body corporates, and accountability of committee members and body corporate managers. The changes are set to take effect on 9 May 2024, or earlier if the Government decides. If you wish to discuss how these changes might affect you, please feel free to contact one of our property team.
By Jude Spicer | Associate
The information contained in this article is provided for informational purposes only and should not be construed as legal advice on any subject matter.
