Current Client

As at the 30th August 2008 changes to the Body Corporate and Community Management Regulations were made.

Committee Level of Expenditure

Did you know now that the committee level of expenditure has changed. The relevant level of expenditure is an amount determined by multiplying the number of lots in the scheme by $200.00 ie if you were in a complex of say 60 units the committee level of expenditure is now $13,200.00 including gst.

Improvements to Common Property By a Lot Owner

The committee can now approve at committee level the improvement as long as the improvement is under $3000.00 and does not detract from the appearance of the lot/building.

Valuations for Insurance

The Body Corporate is now required to obtain an independent valuation for the full replacement value at least once in every 5 years.

The current valuation must be included in the Annual General Meeting Notice.

Transfer Fee

The transfer fee on the sale of management rights is now applicable when the transfer is within two years of the initial contract date. 3% is applicable for the transfer fee if it is approved within the first year of the initial contract date and 2% is applicable if it is approved after the first year of the initial contract. The transfer fee can still be waived due to genuine hardship as long as the supporting documents are provided to the body corporate.

Please note these are only some of changes applicable. If you would like more information please contact your strata manager.