Queensland Subordinate Legislation as Made
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BODY CORPORATE AND COMMUNITY MANAGEMENT (STANDARD MODULE) REGULATION 2020 - REG 147
Amount payable on a transfer within the prescribed period—Act, s 122
147 Amount payable on a transfer within the prescribed period—Act, s 122
(1) For section 122 (3) of the Act , an amount (the
"transfer fee" ) is payable by a transferor to the body corporate on a
transfer of the transferor’s rights under an engagement or authorisation to
another entity within the prescribed period.
(2) The transfer fee is— (a)
if the day on which the body corporate approves the transfer (the
"approval day" ) is not more than 1 year after the initial contract date for
the engagement or authorisation of the transferor—3% of the amount
representing fair market value for the transfer; or
(b) if the approval day
is more than 1 year after the initial contract date for the engagement or
authorisation of the transferor—2% of the amount representing fair market
value for the transfer.
(3) Despite subsection (1) , but subject to
section 148 , no transfer fee is payable if— (a) a financier, as defined
under section 123 of the Act , is exercising a power of sale under the
financier’s charge over the engagement or authorisation; or
(b) the
transferor is transferring the transferor’s rights only because of a genuine
hardship that was not reasonably foreseeable by the transferor on the initial
contract date.
(4) A transfer fee payable under the Act must be paid into the
body corporate’s sinking fund.
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