New legislation may be enacted to force Queensland unit owners to sell their homes against their intentions if 75% of the property owners in the complex agree. The existing Body Corporate and Community Management Act 1997 (Qld) may only force unit owners to sell their home if the body corporate has a 100% votes in favour of it.
The amendments to the current laws have come about after a recent review and report by the Commercial and Property Law Research Centre at the Queensland University of Technology as commissioned by the Queensland Government. As a result of the review the Department of Justice and Attorney-General are now conducting a public consultation process which ends on 5 May 2017.
The report details recommendations which suggests that if a dissenting owner wishes, they may apply to the District Court within three (3) months to decide whether or not the termination plan should proceed. This recommendation is based upon the current New South Wales reformed body corporate legislation which commenced on 30 November 2016.
Under the reformed New South Wales legislation, lot owners of any scheme, regardless of the age of the scheme or its state of repair, may with the support of 75% of the other lot owners, approve a plan for the collective sale or redevelopment of the scheme. Western Australia is currently considering draft legislation that will implement similar changes.
If the new legislation is adopted it may still require several steps to be followed to develop a strata termination plan. The plan may include two (2) cooling-off periods and afterwards the owners would be given the opportunity on whether to move forward with the termination of an owner.
The proposed amendments are due to come into effect later this year (or early next year). These changes will deal with issues regarding outdated and often deteriorating unit blocks that are being maintained at great expense. Generally, the outdated and deteriorating unit blocks are situated on prime real estate which are in demand by developers to build better and safer apartments. This is an ever changing and interesting area of law and unit owners and body corporates alike should avail themselves of these suggested new laws.
For further information or for a consultation to discuss any property or body corporate related issues please contact Kayleigh Whittaker, lawyer on 07 3876 5111 or email firstname.lastname@example.org or go to our website www.lawyersforemployers.com.au
WARNING WARNING! Make sure you don’t buy the wrong property
It is a common question and one that the buyer’s agents at Property Pursuit answer quite a lot; how do I make sure I don’t buy the wrong property? Here are some tips on avoiding the bad apple in the real estate investing market.
Firstly, it is important to consider your financial situation. Start by getting your finance pre-approved and then make sure you are aware of all of the costs that are involved in buying and holding the property and that you are comfortable with all of the costs involved. It is important to be realistic about how long you are planning on holding the property.
When you have found the idea property for you and have completed a building and pest inspection, the next step is to assess recent comparable properties that have sold to arrive at a fair market price. This is a really important part of the process and not easily done, unless you have inspected a large number of properties in the immediate area and are familiar with the superior and inferior aspects of each one in relation to the property you are interested in purchasing. Getting even a small detail wrong or not understanding subtle differences could lead to paying too much.
Your buyer’s agent will be integral in giving you the best advice to guide through the decision and purchase process. A great buyer’s agent will look at all aspects of the property and tell you about them – both positive and negative aspects including location, aspect, flooding, age, improvements, layout, potential, transport, neighbourhood and nearby facilities.
Independently verified information can save you making significant mistakes.
Have more questions? Call Property Pursuit for all of your property buying and management answers (07) 3177 3399.