Keith Brady Real Estate
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The Body Corporate and Community Management and Other Legislation Amendment Bill 2012 was introduced last Friday and it removes the lot entitlement reversion process that was introduced by the former Government.
Prior to 2011, legislation allowed lot owners in community title schemes to seek an adjustment to their scheme’s contribution schedule lot entitlement (CSLE) by seeking an order from the court
The adjustments resulted in some lot owners paying more and some paying less. In 2011 the law was amended so that individual lot owners who felt they were negatively impacted by a CSLE adjustment could reverse the decision.
The current amendment bill means that no more reversions can take place and any currently underway will be stopped. Any reversions that have taken place since April 2011 can also be ‘undone’.
Changes have also been made that will help remove some of the red tape for sellers who are lot owners in a community titles scheme.
The Government has removed the need to provide a community management statement (CMS) to potential buyer.
This requirement was introduced in 2011 and it created a lot of extra expenses and administration layers, so a lot of sellers will be happy to see it go.
Click here to view further information about the bill or if you have any questions then please feel to get in touch with us.