A major revamp to the strata laws in NSW came into effect in November 2016, and the new building bond defect scheme started on 1 July 2017. NSW Fair Trading reminds us that all strata buildings in the state are affected by these changes, but that doesn’t mean all of the changes have to happen immediately.
Of course, time is of the essence, but owners corporations have until 30 November 2017 to decide on their new by-laws.
What needs to change?
NSW Fair Trading outlines the fact that previous strata laws did not hold the managers totally accountable, technological advances should change the way owners cast votes at meetings, and dispute resolution was a mess. The reforms aimed to tidy all of these factors up while making it easier for strata owners to create the sorts of living environments they want, even if they cannot attend meetings.
These reforms are basic guides for owners corporations, but each strata property must decide how they will put the laws into effect. For example, who can vote remotely? And who is really responsible for handling disputes about shared spaces or parking?
If your owners’ corporation has not met yet, you could be falling behind. You have until 30 November to decide on your new by-laws regarding the reforms, and it’s your chance to have your say about the future of your investment. For help with understanding the reforms process, contact your property manager at Civium today.