When does my strata management agreement end under the new law?
Savina YangMarch 30th, 2017
The Strata Schemes Management Act 2015 (“Act”) has made significant changes to the way strata managing agents are appointed by owners corporations. Under section 50 of the Act, if a strata managing agent is appointed at the first AGM, the term of appointment must not be for more than 12 months. In any other case, […]
Renovation Works – NSW Strata Law Reforms
Savina YangAugust 30th, 2016
The new Strata Schemes Management Act 2015 (NSW) (“Act”) and the Strata Schemes Management Regulation 2016 (NSW) (“Regulation”) will commence on Wednesday, 30 November 2016. The new law has introduced a more simplified approval process for lot owners who want to carry out certain renovation works at their lots. In today’s article, we will explore the […]
Review your agency agreements NOW
Amanda FarmerJuly 28th, 2016
With the Strata Schemes Management Act 2015 (NSW) set to commence on 30 November 2016, strata managers need to be paying attention to the terms of the agency agreements they (a) currently have with their buildings and (b) are issuing to new buildings they are tendering for. I have seen a number of agreements in […]
Potential changes to qualifications in the property industry
Natalee VenegasJune 29th, 2016
Did you know that the person who makes your coffee each morning may have undergone more training to get their job than your local real estate agent? John Cunningham, President of the Real Estate Institute of NSW (REINSW) made headlines last month when he said “It actually takes more training to become a barista than […]
Buyer beware: new requirements for real estate transactions over $2m
Bianca BarryJune 29th, 2016
On 25 February 2016 legislation was enacted to amend the Taxation Administration Act 1953. The amendments introduce a new capital gains tax withholding scheme for certain taxable Australian assets (“Scheme”), including real estate. The purpose of the Scheme is to assist in the collection of foreign residents’ capital gains tax. The Scheme applies to contracts for […]
You don’t know what they don’t know
Amanda FarmerJune 29th, 2015
Those of us working for strata communities have probably heard the following at least once: “Doesn’t the strata manager do that?” (or, even better, “doesn’t ‘the strata’ do that?”). A regular complaint of strata managers I work with is that the communities they manage – I’ll call them ‘clients’ – don’t understand the role of […]
Recovering unpaid strata levies
Amanda FarmerApril 23rd, 2015
Due to popular demand, I have prepared this paper setting out my advice on the best practice to be applied when recovering unpaid strata levies, including my thoughts on the practice of recording ‘expenses’ on owner ledgers. Amanda Farmer strata debt recovery paper 22.04.15 The information contained in this article is not legal advice. […]
“Just claim on your contents insurance”
Amanda FarmerFebruary 16th, 2015
When a water leak emanating from common property damages a lot owner’s property, including furniture, managing agents will often advise lot owners to make a claim on their contents insurance. The explanation usually runs like this: “the building insurer won’t cover it because our policy doesn’t extend to lot owner’s property, so it’s up to […]
Is your strata scheme dysfunctional?
Savina YangOctober 31st, 2014
You may have heard of the television sitcom Arrested Development. It’s about a man called Michael Bluth who tries to do the right thing and strives to keep his family together, despite his highly manipulative and materialistic parents, attention seeking twin sister, socially inept little brother and highly unreliable older brother. And how could we forget Tobias Fünke, his brother-in-law who is a self-diagnosed ‘never-nude’ (which is ‘exactly what it sounds like’).
Self-managed strata: when is it time to call in the experts?
Georgia Kate MorganAugust 27th, 2014
Many smaller strata schemes in NSW are “self-managed”: they do not employ a professional strata managing agent to run their scheme. Whilst many of these self-managed schemes run smoothly, often it is only when a new owner buys in or there is a dispute (sometimes arising because of a ‘personality clash’), that anyone realises just […]
Increases to fees under the Strata Schemes Management Regulation
Amanda FarmerJuly 30th, 2014
Fees Amendment SSMR The information contained in this article is not legal advice. This article is intended to provide general information in summary form only. You should not rely on the content of this article as legal advice. If you would like advice specific to you and your situation, please contact us.
Doesn’t the strata manager do that? The consequences of delegating power
Georgia Kate MorganFebruary 13th, 2014
The short answer is: not necessarily. No lot owner, executive committee or owners corporation should assume that their strata manager will automatically carry out particular managerial tasks, merely because they are ‘the strata manager’. The duties and responsibilities of strata managers differ from one strata scheme to the next and depend on the functions which the owners corporation has delegated […]