The Property Council recognises the important contribution that properly functioning Unit Titles Legislation can play in urban renewal and has provided a Submission to the Department of Justice on the proposed legislation.
If enacted, the new legislation will make the Northern Territory the first Australian jurisdiction to have legislation that provides for scheme termination by less than unanimous agreement.
However the new Unit Titles Schemes Act will only cover developments that start after its commencement. There will be provision for unit titles under current legislation to covert into titles under the new act, should unit holders want to.
The Property Council, while supporting the general intention of the Bill, has the following concerns with the draft legislation;
1. Likely ineffectiveness of provisions for termination to facilitate urban renewal.
2. Lack of applicability or reforms to existing unit titles schemes.
3. Onerous disclosure provisions which are likely to deter development.
