Currently more than a quarter of NSW’s population lives in, owns or manages strata.
New strata laws have commenced on 30 November 2016. The new laws have been modernised to fit the reality of living in a strata townhouse or apartment today.
Many new requirements will not impact strata communities immediately. This includes allowing time for pre-appointed strata managing agents, building managers and executive committee members to continue in their roles once the law reforms start.
Some key changes include:
- Strengthening the accountability of strata managers
allowing owners to adopt modern technology to conduct meetings, vote, communicate and administer their scheme
- The need for owners to review by-laws (strata community rules) within 12 months, which can be customised to suit their lifestyle – such as whether to allow owners to keep a pet by giving notice to the owners corporation
- A process for the collective sale and renewal of a strata scheme
- A simpler, clearer process for dealing with disputes
broadening tenant participation in meetings
- A new option to manage unauthorized parking through a commercial arrangement between a local council and a strata scheme
- A clearer and simpler three-tier renovations process, which waives approval for cosmetic renovations within the strata lot (for example, installing handrails for safety).
There are also measures to reduce red tape, such as simplifying financial statements for owners. For legal advice on how the new laws can impact you call us on 9547 1733.