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.
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.
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.