You Can Sell or Redevelop a Strata Building in NSW Even if Some Owners Do Not Agree
Proposed new strata legislation will make it possible for developers to access older strata buildings even where some lot owners are opposed.
Strata Reform
Democracy Rules, OK? Well, Not Quite: Strata Managers and Section 237 Appointments
Introduction
In a democracy, majority rules even if those decisions are bad. If you are in the minority, there is not much you can do until the next election (or annual general meeting) at which time you may try to become the majority.
Strata Reform: Will it Break Your By-Laws?
The Strata Schemes Management Act 2015 (“SSMA 2015”) contains significant implications for certain by-laws, and may invalidate some of your current by-laws, or limit their application. If you do not act now, owners and occupiers may be able to act in manners currently banned or restricted and the owners corporation may have no enforceable by-laws to stop them doing so.
Strata Changes Affect Investors and Tenants
Pets get the green light but smokers will have to be careful.
Important reforms affecting NSW strata investors and occupants will start on November 30.
Strata Reform: New Strict Liability for Damages for Failure to Repair and Maintain
Section 106 of the Strata Schemes Management Act 2015 (SSMA 2015) creates a new strict liability for damages for failure to repair and maintain, which is extracted below (new provisions are underlined):
Strata Reform: Strata Managing Agents involved in Business Development – Beware!
Under the Strata Schemes Management Act 2015 (SSMA 2015) one of the new features relates to a restriction on the appointment of strata managers who are connected with the developer.
Strata Reform: What Documents Need to be Provided Before the First Annual General Meeting by the Original Owner?
At least 48 hours prior to any first annual general meeting held on or after 30 November 2016, the following documents must be provided by the original owner (as prescribed under s16 of the Strata Schemes Management Act 2015 (SSMA 2015) and clauses 6 and 29 of the Strata Schemes Management Regulation(SSMR 2016)):
Navigating Strata Urban Renewal: Commercial Gain - vs - Home Ownership
One of the most important reforms effected by the act is the urban renewal mechanism contained in Part 10, which may permit collective sale redevelopment of strata schemes, without unanimous agreement of lot owners being required. We are already encountering developers and lot owners pushing forward with proposals, with a view to moving quickly when the act comes into force.
NSW Strata By-Laws - What Investment Property Owners Need to Know
The new strata laws will make a number of significant changes to the making and enforcement of by-laws. The commencement date is 30 November 2016 and investment property owners need to be getting ready for the changes.
Renovating Strata Units - New Laws, New Opportunities
Owners of investment properties will, from time to time, carry out renovations. In fact, an investment property owner may even have acquired the property with a view to carrying out renovations and making a gain on sale of the property. At the least, an investment property owner will want to maintain the condition of the property to comply with obligations under tenancy laws and to maximise the rental value of the property.