The Unit Titles Act governs the rules relating to unit title properties, which are typically multi-storey apartment blocks, but can also include two or more houses at ground level.
As an owner of a unit, you become a member of what is known as the "Body Corporate" and the rules of the complex are governed by the Body Corporate Rules. While the Unit Titles Act set out the standard rules, these can be modified by the owners or, more commonly, the developers when establishing the development. The rules can include matters such as:
- renting;
- using the unit for non-residential purposes;
- restrictions on pets;
- restrictions on modifications to your unit
Each unit in the Body Corporate is assigned an ownership interest, which is the percentage used in calculating the percentage of Body Corporate Levy, which includes costs for the for the day-to-day running of the Body Corporate.
Before purchasing a unit, a pre-contract disclosure statement is required to be provided by the vendor, which is prepared by the Body Corporate. This document provides information on issues such as leaky buildings and any current or pending litigation involving the Body Corporate. Additionally a pre-settlement disclosure statement is required to be provided by the vendor prior to settlement.
