NEW BODY CORPORATE REGULATIONS
The Queensland Government has released a new set of Body Corporate regulations intended to streamline body corporate procedures and increase protections for lot owners.
The new regulations will:
- facilitate electronic voting and attendance at meetings;
- facilitate use of email and other forms of electronic communication for the exchange of information and documents within bodies corporate;
- clarify the list of documents that developers must provide to the body corporate to facilitate effective governance of the scheme; and
- encourage early identification and remedy of building defects by requiring a body corporate to consider a motion to prepare a defect assessment report at its second annual general meeting.
The new regulations are based on suggestions from the property law review undertaken by QUT. The 2017 QUT law review also recommended amending the current termination threshold for a body corporate scheme from the current unanimous threshold to 75 per cent. The Property Council has included this proposal as one of the key initiatives in our election strategy.
To find out more about the new regulation, please click here.