The Property Council has lodged a submission on the Property Law Review Issues Paper 2 - Lot entitlements under the Body Corporate and Community Management Act (BCCMA) 1997.
The submission supports the Property Council's long advocated position that any changes to the BCCMA must be consistent with three fundamental principles. These are:
- Ensuring the developer is able to set lot entitlements in a manner that reflect market drivers for that specific development.
- Placing disclosure at the centre of the system. Specifically, that the knowledge of the owner when purchasing a lot is the most relevant factor when considering amendments to the legislation, or adjustments of lot entitlements.
- That certainty is paramount. Purchasers of new or existing lots must have confidence to budget and plan on the basis that their contribution will not alter in the future.
The submission reaffirms our support for the relativity principle over the equality principle as a basis for setting lot entitlements to enable a developer to offer a diversity of product within the same development.
The BCCMA has been an ongoing issue for the Property Council. We most recently provided comments to the Attorney-General in 2012. The Property Council's previous work in this area can be found here.
A copy of the submission can be found at the PDF link below.