Changes to Strata Laws
By Joe Vizzone
Among the key changes are:
Change of name of the “Executive Committee” to the “Strata Committee”;
2. Tenants will be able to elect a non-voting representative to the Strata Committee;
3. Strata Managers will now be required to report all commissions received and forecasted every 12 months;
4. The “sinking fund” will be known as the “capital works fund” to more clearly identify its purpose;
5. Developers will be required to lodge 2% of the value of Construction Contracts as a Building Bond to cover the repair of defects established within 2 years of construction.
While Strata Title Legislation provides for more housing than would otherwise be available, it entails a complex and ever changing body of law as legislators address ever changing issues arising out of communal living. Get in touch with us if you are looking to buy into a Strata Development or if you need any advice regarding your rights as a Strata occupant.
Joe Vizzone is a partner of Vizzone Ruggero Twigg Lawyers and has 30 years of property and strata experience. He was previously a partner of Vizzone Ruggero & Associates (VRA) and Adrian Twigg & Co. If you would like his advice or for him to act on your strata matter, please contact us on 02 9667 1271 or email firstname.lastname@example.org