Strata

Strata Managers - New Options for Owners

The new strata laws that commenced 30 November 2016 have made significant changes to the appointment and role of strata managing agents. Investment property owners also need to be ready for the changes.

 

Will the New Reform Mean that Owners Corporations Will Now Raise Money to Match their 10-Year Sinking Fund Plan?

Under the current legislation there is a requirement for owners corporations “to take into account” the 10 year sinking fund plan. Many schemes do not comply with this obligation in good faith with the result that the sinking fund remains just as underfunded as it was before 10 year plans were required.

So What Happens if the Owners Corporation Does Not Fix the Building? Is the 2015 Strata Reform Going to Assist?

Many owners face problems with strata schemes failing to repair and maintain the common property.

 

These problems include:

Safety Reports In Strata Schemes And Occupiers Liability

Regrettably, it is common for people to sustain injuries while on the common property of strata buildings and those injuries frequently lead to personal injury claims.

 

Strata Investors - Beware! Proposed New Strata Law Reform Affects You

For property investors owning or looking to purchase strata property, it’s paramount to be abreast of the latest laws affecting strata titled property. The New South Wales Government has released its draft bill proposing new strata laws. These propose numerous changes, some of which are so important as to change the strata landscape and hence affect investment decisions. As an investor, the key is to make “informed decisions”.

 

Owners Corporation's Duty to Ensure Safety of the Common Property

It is the responsibility of an owners corporation to ensure that common property is reasonably safe to users. This responsibility can be three dimensional and often with a degree of overlap.

Collective Sales - Windfall When Neighbours Work Together

Strong pressure on Sydney property prices and an acute shortage of suitable development sites has made it possible for neighbours acting together to achieve excellent prices for properties which in aggregate represent a suitable development site. This is illustrated by the recent sale of nine St Leonards houses, which were sold for more than $66 million to a Hong Kong based investor.

 

What Can You Do When The Developer Retains Control Of Your Strata Building?

Despite legislative restrictions on developers retaining control of new apartment buildings, developers are coming up with new ways to continue their control after completion.

 

What To Do When Neighbours Want Access To Your Land

Owners corporations and other property owners are often asked by the owner of an adjoining property, usually a developer, to allow access to their land. This can be temporary or permanent and can be for a variety of reasons, e.g. movement of workers, vehicles and/or materials to carry out works on the adjoining property, operation of a crane over the property to facilitate works on the adjoining property or running services and/or storm water under the property. Temporary access is generally granted by way of a licence, while permanent arrangements generally involve an easement. In either case, there are many complex legal and practical issues for an owner to resolve, about which legal advice is generally required and best obtained sooner rather than later.

 

TPG pushes on with Broadband Ambitions

The battle for broadband is far from over. TPG Telecom is promising to bring back its national broadband network rival despite new red tape crimping the telco’s ability to cash in on inner-city apartments.

 

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