Unit Holders Can Be Forced Out For Development: New Strata Laws 2016
New strata laws commence today, 30 November 2016 which mean that in some circumstances apartment/unit owners can be forced out of their unit in the name of development.
Their are approximately 90 changes which equate to the biggest strata reform for over a decade.
Most of the changes relate to the by-laws that can be adopted by the Owners Corporation including easier processes for owners to have pets. There are also new regulations in relation to smoking. Aggrieved neighbours may now take their smoking dispute to the New South Wales Civil and Administrative Tribunal.
The most controversial changes however include the ability for 75% of the lot owners to vote for the property to be sold to developers. This means that even if you own an apartment, you could be forced out of it if 75% of the unit entitlements vote to sell the apartments to developers or to re-develop themselves.
This new law creates significant opportunity for those who wish to maximise their investment but also presents difficulties for those who may not be able or willing to re-accommodate themselves elsewhere.
If you would like further information about the new laws, or are considering a unit development, do not hesitate to contact Joe or John Vizzone on 9667 1271 or firstname.lastname@example.org