Changes to UTMA and Other Legislation

Legislation update - UTMA changes took effect 1/7/23

The Unit Titles Legislation Amendment Bill 2023 impacts 6 pieces of legislation from 1 July 2023 - the Civil Law (Sale of Residential Property) Act 2003, the Land Titles (Unit Titles) Act 1970, the Unit Titles Act 2001 and regulation and the Unit Titles (Management) Act 2011 and regulation - with the effect of:  

• establishing a framework for an Owners Corporation to sublease common property;

• enabling Owners Corporations to opt into a Building Management Statement (BMS) by special resolution (no longer by ordinary resolution);

• providing for the OC rules to be “modified” and “compilations” to be “lodged” within three months rather than registered withing three months;

• requiring the corporate register to be updated only on a sale occurring;

• prescribing a time limit of four months on requests for updated Section 119 Certificates

• clarifying existing rights, obligations, and powers in relation to

-    Recovery of insurance excess from owners;

-   Building insurance exemptions for class B units;

-   Information to be kept in the register, what can be accessed and by whom;

-   Calculating the annual budget for auditing purposes;

-   Broadening when the approval of sustainability infrastructure may be withheld;

-   Streamlining unit title application processes.

Proctor Legal has been providing training on the implications of these changes. Contact us for more information or for a tailored training experience: https://www.proctorlegal.com.au/contact +61 2 5104 0750