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Changes to Strata Laws

By Joe Vizzone

Among the key changes are:

  1. 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 law@vrtlawyers.com.au

#strata #stratalaw #stratatitle

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