The Body Corporate and Community Management and Other Legislation Amendment Act 2010 (Qld) received royal assent on 14 April 2011.
The changes to the disclosure regime under the Body Corporate and Community Management Act 1997 (Qld) for registered and unregistered community titled properties apply both to contracts issued from 14 April 2011 and also to contracts given to a proposed buyer before this date but not yet signed by both buyer and seller by 14 April 2011.
The changes to contribution and interest lot entitlement principles also take effect from 14 April 2011, while aspects relating to the two-lot schemes will commence on a later date yet to be fixed.
The new Form 14 Body Corporate Information Sheet (which must be attached to contracts for community titled properties) has not yet been prescribed, but we have been advised to expect its release at the end of April. Until it is released the current Form 14 (Version 9) must be used.
For further information, please view:
- our earlier Legal Alert on these changes: "Critical changes to the Body Corporate and Community Management Act 1997: What does it mean for buyers and sellers?";
- a copy of the Body Corporate and Community Management and Other Legislation Amendment Act 2010 (Qld); and
- a copy of the Queensland Law Society's guide to the major aspects of these legislative changes.
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