The new Strata Schemes Management Act 2015 and Strata Schemes Management Regulation 2016 commenced on 30 November 2016 and has seen more than 90 changes to the strata laws.
The new Regulation, along with the Strata Schemes Management Act 2015 and the Strata Schemes Development Act 2015, modernises the legislation, reduces red tape, avoid disputes and supports the sector.
The building defect bond scheme reforms (Part 11 of the Strata Schemes Management Act 2015 and Part 8 of the Strata Schemes Management Regulation 2016), will start on 1 July 2017. This will ensure that builders, developers and the strata community have time to prepare for the changes and comply with requirements.
The reforms have taken five years of public consultation, including over 3,000 submissions,
Fair Trading Commissioner, Rod Stowe, explained, “The last major reform to strata was back in 1973, and parts of the legislation are no longer relevant in this day and age.
“The number of submissions from the public and major stakeholders indicates a substantial level of engagement and interest in bringing strata legislation into the 21st century.”
As an agent it is vital that you understand how the strata law changes affect the properties that you list, sell, lease and manage. As your professional association we have developed this topic page to give you a one-stop shop to find all the information, advice and documents you need to ensure that you can comply with the law and continue to provide a valued service to your clients.