The Government has introduced a Bill to repeal and replace the Unit Titles Act 1972 which aims to provide a modern legal framework for the joint ownership and management of land, buildings, and facilities on a socially and economically sustainable basis by communities of individual owners.

The Bill will ensure that the diverse and complex range of unit title developments are able to be managed more effectively; and will provide a clear and flexible mechanism for simple and complex developments to be created in the future.

The key features of the Bill include-

• clarifying how land is surveyed to provide clear legal framework for ownership by different parties, simple and clear processes for building unit title developments and technical detail for developers, surveyors and territorial authorities;

• a holistic approach to the management and maintenance of unit title developments to clarify the responsibilities of unit owners and bodies corporate, ensure sound management practices and protect long-term capital value;

• a clear, flexible governance structure with reduced voting thresholds for bodies corporate to make decision-making more easily managed and to enable the body corporate to act in the interests of the majority of unit owners;

• a robust disclosure regime so unit owners, bodies corporate and prospective buyers have accurate and comprehensive information to allow them to make informed and confident decisions regarding purchases, financial commitments and participation in body corporate matters;

• a new cost effective dispute resolution service so anyone with an interest in a unit title development can resolve disputes.

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