Legislative Update NEW Lot Entitlement Legislation Effective Now

Subject: Legislative Update NEW Lot Entitlement Legislation Effective Now

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Legislative Update NEW lot entitlement legislation effective now

On Friday,

Attorney-General Jarrod Bleijie has introduced the Body Corporate and Community Management and Other Legislation Amendment Bill 2012, which removes the lot entitlement reversion process introduced by the former Government.

In April 2011 the law changed allowing any adjustments to lot entitlements won through a court order could be reversed at the request of just one owner. Many of these changes were due to unfair lot entitlement distribution. These contribution entitlements affect the percentage of costs paid by each unit owner.

Of course when adjustments happen some pay less while others have to pay more. The interpretation of the legislation regarding calculation of lot entitlements had between 1997 and 2011 been based on the equality principle that the ‘lot entitlements must be equal, except to the extent that it is just and equitable for them not to be equal.’ Many owners sought to change for what they saw as unfair lot entitlements. There were those that some thought took advantage of the legislation by doing things like buying the unit next door to theirs and joining them together both physically and on title then seeking a lowering to their combined entitlements. They were usually successful and the result is that the other owners pay larger percentage of costs.

The amendment bill means that no more reversions can happen and stops any currently under as well as reversing any reversion made since April 2011 effective from Friday 14th September 2012.

For any buildings that have had a reversion this means a recalculation of the division of building costs half way through a financial quarter. This means that division of costs will have to be calculated on differing lot entitlements per lot up to and after the 14th September 2012.

Solutions in Engineering are experts in lot entitlements calculations and have for many years provided recalculation of lot entitlement reports and would be happy to assist with advice to any owner and/or Body Corporate in this matter.

Bleijie also said the Government was committed to reducing red tape and regulation for the real estate industry.

"To ensure the certainty of contracts we will remove unnecessary disclosure requirements, which are causing problems for sellers," he said.

"Also, sellers will no longer have to provide a copy of a community management statement (CMS) potentially saving hundreds of pages of red tape."

If you have any queries in relation to the information contained, please do not hesitate to contact Solutions in Engineering on 1300 136 036 or email enquiry

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Linda J. & Carlos Debello, LJ Gilland Real Estate Pty Ltd

Tel: (07) 3263 6085 | Mobile: 0409 995 578 & 0400 833 800 http://www.ljgrealestate.com.au

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Removing the Hassle from Sales and Rentals across South East Queensland. Aim to Empower other like minded Property Investors. L J Gilland Real Estate is a prestigious boutique agency specializing in Property Investment Management Services and the Sales of Investment Properties with tenants in place. Comprised of a top performing group of handpicked specialists, our Agents proudly serve Property Investors in Queensland. Since 1996 our Agency has demonstrated a genuine enjoyment of working with people, developing long-term relationships and delivering on the promise of great service. Carlos and Linda Debello offer property investor's the confidence to sell and lease in any market. We provide comprehensive market appraisals, exclusive multimedia marketing campaigns, and knowledgeable, highly personalized counsel on all aspects of real estate. Our Property Management Team is equally considerate, offering investors with in-depth advise, well-researched rental valuations, and highly professional rental management services. http://goanimate.com/movie/0M4bvcZzgIbI?utm_source=linkshare&uid=0u6RGtWsmlVc Carlos’ direct mobiles are 0400 833 800 & 0413560808. Linda’s mobiles are 0409995578 & 0414978700 (prefer email contact for Linda). Office 07 3263 6085. http://www.ljgrealestate.com.au http://www.yellowpages.com.au/qld/aspley/lj-gilland-real-estate-pty-ltd-14091356-listing.html http://au.linkedin.com/in/lindajanedebello http://twitter.com/GillandDebello http://www.facebook.com/pages/ljgrealestate
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