Changes to Strata Laws

By Joe Vizzone

Changes to our Strata Title Legislation are on foot with an overhaul of the Strata Titles Legislation expected to be passed by the New South Wales Government in the next few months.

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

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