A new regulation for residential community titles schemes containing only two lots (more commonly known as duplexes) will commence on 28 February 2012. The new regulation aims to make the day-to-day management of duplexes less complex and less onerous for lot owners.
The regulation simplifies management arrangements in the areas of decision-making, financial management and by-law enforcement by:
enabling a decision of the body corporate to be made by written agreement between the owners of the lots in the scheme. The body corporate need not elect a committee and need not hold meetings for body corporate matters.
providing a lot owner to authorise a person to act for the owner in body corporate matters.
providing body corporate expenses to be funded in a way agreed between the owners, by written agreement. There is no requirement for the body corporate to establish accounts, decide budgets or prepare annual statements of accounts.
enabling a lot owner, rather than the body corporate, to enforce the scheme’s by-laws.
