Major Changes To Body Corporate Laws Announced

Written by Zac Gleeson, Director

Last week the QLD Government announced changes to the Body Corporate and Community Management Act 1997 (Qld). These changes will take effect on 1 March 2021 and are the first changes to the 5 regulation modules since 2008.

There are many key changes. The most notable regarding the compliance of strata properties being:

1. An obligation on the body corporate to consider a defect assessment motion at its second annual general meeting;
2. The Original Owner (Developer) must obtain an independent valuation for each building the body corporate must insure under chapter 8, part 6; and
3. The Original Owner (Developer) must obtain a detailed and comprehensive estimate of the body corporate’s sinking fund expenditure for the scheme’s first 10 financial years, that must include an estimate for the repainting of common property and of buildings that are body corporate assets;

As experts in the field, we are able to assist in defect management and assessment through our in-house registered Building Inspector, provide insurance valuations for new and existing strata properties and provide sinking fund forecasts in excess of the 10 financial years required under the Act for new and existing strata properties.

If you have any queries, please do not hesitate to contact an expert on 1300 290 235.