Queensland developers must review their disclosure statements now

Changes to the Body Corporate and Community Management Act 1997 (Qld) (BCCMA) will mean that previously accurate disclosure statements for proposed / off-the-plan lots will now be inaccurate.

In addition, a failure to comply with the new obligations in the Body Corporate and Community Management Amendment Act 2011 (Qld) (Amendment Act), most of which came into force on 14 April 2011, may give buyers the right to terminate an otherwise enforceable contract.

As a result, sellers will need to review their disclosure statements now.

The key changes at a glance

The key changes to the BCCMA introduced by the Amendment Act are:

• changes to those provisions relating to lot entitlements, including a new requirement to use deciding principles (Deciding Principle) when determining contribution schedule lot entitlements (CSLE) and interest schedule lot entitlements (ISLE) for schemes established on or after 14 April 2011;