On 30 November 2016, new strata laws in New South Wales came into effect to fit the reality of living in a strata townhouse or apartment today.
Currently, more than a quarter of the New South Wales population lives in, owns or manages strata. Some key changes include:
- The need for owners to review by-laws (strata community laws) within twelve (12) months, which can be customised to suit their lifestyle – such as whether to allow owners to keep a pet by giving notice to the owners corporation.
- A process for the collective sale and renewal of a strata scheme.
- A simpler, clearer process for dealing with disputes.
- Broadening tenant participation in meetings.
- A new option to manage unauthorised parking through a commercial agreement between a local council and a strata scheme.
- A clearer and simpler three-tier renovations process, which waives approval for cosmetic renovations within the strata lot.
If you wish to further understand how these new strata laws will affect you, please do not hesitate to contact a member of our conveyancing team on (02) 9728 3366.
