NSW Fair Trading has announced that the proposed and anticipated changes to the Strata Schemes Management Act 1996 and Strata Schemes Management Regulation 2010 will be delayed for implementation and will most likely transpire in July 2016.
The Strata Schemes Management Act 1996 and Strata Schemes Management Regulation 2010 have undergone a number of key changes and amendments in recent times.
The changes to the Act and Regulation will be delayed to allow the newly appointed Fair Trading Minister Mr Victor Dominello to hold a series of meetings with key stakeholders in the strata industry and to obtain their input on the proposed further key reforms.
The Minister is keen to hold a consultation process with regard to the changes and receive input from key stakeholders.
It is expected that strata managers represented by the Strata Community Association of NSW, the Real Estate Institute, strata owners represented by the Owners Corporation Network and developers represented by Urban Taskforce and Property Council of Australia will be involved in this consultation process.
One of the major changes includes the ability of 75 per cent of owners to force the remainder of owners to agree to the collective sale of their apartment block. If approved and subsequently implemented this will have a major impact on Owners Corporations and their decision making.
Turnbull Bowles regularly provide updates with regard to changes concerning the strata industry including the Strata Schemes Management Act 1996, Strata Schemes Management Regulation 2010 as well as the Home Building Act 1989.
For any questions regarding this article, please contact Ms Pierrette Khoury, Senior Lawyer of Turnbull Bowles Lawyers on (02) 8272 1999.