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So what does the Strata Reform mean for Developers of New Strata Buildings?

Posted 19 February 2016

Category: Strata, Strata Reform

There are a lot of changes and many affecting developers, such as:

When registering a strata plan the unit entitlement will need to be made in accordance with a registered valuation.

When the scheme is registered the undertaking to pay expenses during the initial period will be replaced with levies raised at a meeting within 14 days of registration of the plan.

Strata management statements must provide for the fair allocation of costs of shared facilities and provide a review process every 5 years.

By-laws to be registered with the plan will need to be changed to deal with issues, such as, renovations.

Developers and those connected with the developer cannot be appointed as strata managers.

Developers will need to provide initial maintenance schedules to the owners corporation prior to the FAGM.

Developers who raise inadequate levies during the initial period may be exposed to claims for compensation.

Developers will need to consider whether to use the strata plan or the common property memorandum to allocate responsibilities for repair and maintenance.

Requirements to provide 2% defect bonds, defect reports paid for by developers and no voting rights for developers on defects will only apply if:

- - the contract to build the building was entered into after the legislation commences or if there is no contract where the works were commenced after the legislation commences; and

- - only where home warranty insurance is not required for the new building.

There will be a motion to consider building defects and rectification at the first annual general meeting and subsequent annual general meetings, up until the warranty period for buildings of the strata scheme expire.

***The information contained in this article is general information only and not legal advice. The currency, accuracy and completeness of this article (and its contents) should be checked by obtaining independent legal advice before you take any action or otherwise rely upon its contents in any way.

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