Principal Solicitor and Attorney Dieb P. Khoury of Benjamin & Khoury Solicitors will take you through some of the changes, as there are over 90 changes to the law supporting the reforms.
What better way to start this week’s newsletter than a quote from our Minister for Innovation and Better Regulation:
‘Today more than two million people live and work in strata. The new laws will cater for the needs of 21st century strata living’.
I have to say is seems the new residence is Strata.
With both NSW Fair Trading and Land Property Information (LPI) working together to bring and initiate the new forms, it seems that team and community spirit is the mind set for the new reforms.
NSW Fair Trading has released the draft Strata Schemes Management Regulation and LPI has released the draft Strata Schemes Development Regulation 2016.
If the estimate given by NSW Fair Trading of there being more than 75,000 Strata Schemes and being worth $350 billion in assets is true, then the reforms in one way or another will effect nearly all us, not only residents of strata, professionals as well.
The first question on my mind is what the difference is between:
- The draft Strata Schemes Management Regulation 2016; and
- The draft Strata Schemes Development Regulation 2016.
|Draft Strata Schemes Management Regulation 2016||Draft Strata Schemes Development Regulation 2016|
|Commenced||Has not yet commenced|
|The draft Regulation supports the Strata Schemes Development Act 2015||The Regulation supports the Strata Schemes Management Act 2015.|
|NSW Fair Trading will administer these laws.||LPI will administer this Regulation and the Act that it supports|
|The Regulation includes details such as:
||New provision added to the Regulation:
Draft Strata Schemes Development Regulation 2016 will also support the new collective sale and renewal process meaning and comparing simply:
|Current Law Allows:||Under the reforms:|
With over a quarter of NSW’s population working and living in Strata, we need to look into reforms at the very least.
What areas have they addressed with the new reforms?
- Modern and flexible schemes
- Transparency and accountability
- Collective sale and renewal
- Maintaining the building’s condition
- Owner renovations
- Proxy voting
- Tenant participation
- Levies and capital works funds
- Dispute resolution
In short even though there is over 90 law reforms supporting the many changes to the Strata and its reforms. The sums of the changes to Strata Living are summed up in the above 10 topics.
For the next weeks, we will provide you details of each area of reform, making an invaluable resource for you, catering for the professional working in strata, or you may have a business within strata or you are a resident. All areas will be covered.
Please feel free to send questions regarding the forms. Please keep your question related to the topic over the next weeks.
Written by Clare Dominello for and on behalf of Benjamin &Khoury Solicitors.