The Unit Titles Bill is slowly working its way through. Hopefully we see a new Unit Titles Act this year because it is definitely needed.
The second reading of the bill was completed on 16 February 2010. The bill now goes to the Committee of the Whole House. We will keep an eye on developments.
There were 101 written submissions on the Bill and some fine-tuning has occurred. The most recent changes include:
– making the long-term maintenance regime more flexible
– changes to the financial monitoring and reporting provisions (to lower expected compliance costs)
– recognition that carparks can themselves be principal units
If there are any particular questions that body corporates or property investors have on the new bill, put the questions here.