Governing the City State - Chief Minister and Treasury Directorate ...

Unit Title RegistrationA particular concern expressed in consultations related to delays in the registration of unittitles on completion of new multi-unit developments. The current process can take up to 12weeks from completion of work to issuing of titles (which permits sales to be concluded)during which time developers bear the full cost of a completed building on which they are notable to proceed to settlement. These additional costs are inevitably passed on to purchasersadding materially to the cost of individual units.The Review welcomes recent initiatives by ACTPLA to streamline this process includingthrough the use of private certification and notes the extent to which time taken in processingof applications for registration by a relatively small area of ACTPLA is influenced by thevolume of such applications.Notwithstanding those efforts, contributors to the Review expressed concern at continuingdelays, and highlighted procedures in place in other jurisdictions that allow issuing ofcertificates of title and occupancy on the same day (some of which include payment of asignificant bond to ensure completion to an appropriate standard). For example, under theGold Coast City Council’s regime:• developers are required to lodge a financial bond as security against variouscircumstances;• the Council has sole discretion to determine the type and amount of the bond on a case bycase basis;• in determining whether a bond is required and its amount, Council considers the trade-offbetween risk exposure to Council against the cost of the development and suretyexposure; and• relevant bonds include:o Uncompleted Works Bond - taken as security to ensure completion of outstandingworks when early endorsement of survey plans is sought (by the developer) prior topractical completion;o Works Maintenance Bond – taken as a security that for the duration of themaintenance period, the applicant will maintain, repair or replace the works orinfrastructure so they comply with the Development Permit;o Landscape Bond – taken as a security to ensure the construction/planting oflandscaping and/or to establish and maintain the landscape works and/or for theduration of the maintenance period, repair or replace landscape works in accordancewith the Development Permit;o Performance Bond - required by the Development Permit to comply with performanceconditions. Provides security against damage to other land, Council infrastructure,landscape works or natural assets;Administrative Arrangements Changes: 193