Major Changes To Strata Laws Effective 30 November 2016

new-strata-laws-enews-nov-17

There is good news for Investors who own Strata-titled properties as new NSW Fair Trading strata laws will start on 30 November 2016.

 

Some of our favourite key changes include:

 

  • Allowing owners to adopt modern technology to conduct meetings, vote, communicate and
    administer their scheme – this is important for our interstate and international investors.

 

  • A simpler, clearer process for dealing with disputes – much better for dispute resolution.

 

  • Broadening tenant participation in meetings – some tenants are so “house-proud” and are desperate to be involved in caring for the block they live in that they can put some of our owners to shame!

 

  • A clearer and simpler three-tier renovations process, which waives approval for cosmetic renovations within the strata lot (for example, installing handrails for safety).

 

  • Measures to reduce red tape, such as simplifying financial statements for owners

 

A NSW Fair Trading fact sheet can be found here

 

NSW Fair Trading has also partnered with Strata Community Australia (SCA) and the Real Estate Institute of NSW to run a New Strata Legislation Roadshow. Sessions for owners and tenants are free. Find a session near you at the SCA NSW Strata Legislation Roadshow page as well as checking out their additional strata reforms events  – nsw.stratacommunity.org.au

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