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Financial Management

Money from the Owners Corporation enforcing penalties will be paid into the strata scheme administrative fund, while amounts paid from the building bond are to be paid to the capital works fund. The 10 year capital works plan (sinking fund) is to be reviewed every 5 years. Owners Corporation legal advice can be obtained from one of our experienced Owners Corporation solicitor Sydney.

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Strata Management

Transitional existing agency agreements will terminate on the later of 3 years after appointment or 6 months now that the new legislation has commenced. Existing agency agreements will be assigned or transferred. To understand more about agency agreements in respect of strata schemes please speak with a strata lawyer today.

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Process of strata renewal plans

The process of renewing a strata plan involves the committee considering a proposal within 30 days of a request and a general meeting convened in order to consider the plan (and either reject or approve such plan). A special resolution is then made, which is non-binding. A strata renewal committee is appointed by the Owners Corporation (a maximum of 8) and notice is provided to all owners.  For executive committee issues throughout this process and for other executive committee legal advice please contact us to speak with a strata lawyer today.

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Collective sale or redevelopment

Strata renewal plans can include either collective sales based on the value of unit entitlements, or redevelopment which cannot be less than the compensation value determined by the Land Acquisition (Just Terms Compensation) Act 1987 (section 55). For more information about collective sale or renewal of strata schemes please contact our experienced strata lawyer. Matthews Folbigg has specialist strata lawyers that are able to provide owners corporation legal advice.

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Repairs to new strata buildings

We are often approached for advice on issues regarding repairs to new strata buildings. Under the new legislation, building bonds will be lodged with the Chief Executive, which equate to 2% of the contract price of the building work. This covers defective work for residential and mixed use schemes for work done in a way that breaches statutory warranties under the Home Building Act, but does not apply to buildings less than 3 stories in height. Please contact us to speak with a qualified strata defects lawyer, particularly for strata defects legal advice Parramatta.

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Effect of new Legislation

The new legislation governing strata schemes in NSW, being the Strata Schemes Management Act 2015 (NSW) and the Strata Schemes Development Act 2015 (NSW) has been introduced to remove red tape and, on balance, should improve the nature of the “Owners Corporation”. If you require owners corporation legal advice or encounter executive committee issues requiring executive committee legal advice please contact us to speak with a qualified owners corporation solicitor Sydney.

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Strata Legislation

The legislation governing strata schemes in New South Wales, being the Strata Schemes Management Act 1996 (NSW) and the Strata Schemes (Freehold Development) Act 1973 (NSW), has now been replaced with the Strata Schemes Management Act 2015 (NSW) and the Strata Schemes Development Act 2015 (NSW) which commenced on 30 November 2016. The new legislation will govern NSW strata schemes. Please contact us if you are concerned about the impact of the new legislation and require strata legal advice from a qualified strata schemes lawyer.