Monday, April 18, 2011

Changes to Lot Entitlements for Some Apartments

After being approved by Queensland Parliament on the 6 April 2011, the Body Corporate and Community Management and Other Legislation Amendment Bill 2010 received Royal Assent on 14 April 2011, meaning that the new legislation is now in force. The new legislation will introduce a number of matters including:

  • New principles to be used when determining Contribution and Interest Schedule Lot Entitlements
  • A process where owners, who have been affected by a Lot Entitlement change, can submit a motion to the Body Corporate Committee before the 14th April 2014 to revert back to the Lot Entitlement Schedule before the change was made
  • Additional requirements for Disclosure Statements and rights of termination
  • Introduction of a new "Two Lot Scheme" module to make management of these smaller schemes much less onerous for their owners

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