BODIES CORPORATE THE POWER TO FORCE THE SALE OF LOTS
May 25, 2023
Cult Australian film The Castle is about as close as most people will get to seeing their home sold out from under them. ‘It’s Mabo, it’s the vibe’, has entered every bush lawyer’s lexicon.
But the concept of being forced out of your home may become more real with planned changes to strata law in Queensland.
The State Government plans to give bodies corporate the power to force the sale of lots if they reach a 75% threshold. We haven’t seen this much enquiry about a proposed law in some time.
But everyone is getting way ahead of themselves.
The prospect of the forced sale of lots first popped up more than 20 years ago. At that time, it was denounced as Un-Australian. A person’s home is their castle, right?
What the government has announced is a body corporate can force the sale of the minority lot owners where the majority of 75% wants to go and it is more financially viable for owners to sell than to maintain or remediate a scheme.
We have seen none of the detail yet, and everyone can be confident that there will need to be some serious work done before any of this becomes actual law. The mechanics of it will be very interesting.
We think it is safe to say that if your building is structurally sound and well maintained that the new laws won’t be relevant to you.
But that hasn’t stopped some scare-campaigning already. So, stay alert – but irrespective of which side of the forced sale fence you may be on, there is absolutely nothing that can be done about it yet.
To read more about the government’s plan, see here.
Article Contributed by Frank Higginson Hynes Legal
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