Significant Changes Ahead for NSW Strata and Community Land Schemes
As a leading real estate agency in the Newcastle and Lake Macquarie area, Century 21 Novocastrian is committed to keeping our landlords and property professionals informed about the latest developments in the real estate sector. In line with this commitment, we bring to your attention the imminent changes to the NSW strata and community land laws.
A New Era for Strata Developments
The NSW Government has commenced the first phase of reforms focused on strata and community land schemes. These changes, stemming from the 2021 Statutory Review of the Strata Schemes Development Act 2015 and Strata Schemes Management Act 2015, are set to offer immediate benefits for residents and stakeholders in these schemes. The reforms implement 31 recommendations, informed by extensive public consultation, to streamline and enhance the strata laws.
Key Changes to Note
Here are some pivotal changes that landlords and property managers should be aware of:
1. Pet and Assistance Animal Policies:
The reforms aim to make it easier and fairer for residents to keep pets and assistance animals. The introduction of these policies will prohibit the imposition of fees, bonds, or insurance as a condition for having a pet in strata properties.
2. Notice Requirements for Managing Agents:
Managing agents will now be required to provide notice to the owners corporation or association between three to six months prior to their contract expiry. This ensures better planning and decision-making for strata schemes.
3. Documentation Ahead of AGMs:
In an effort to enhance transparency, the original owner (usually the developer) must now provide key documents to owners corporations and associations at least 14 days before the first annual general meeting.
4. Competitive Pricing for Goods and Services:
To ensure financial prudence, schemes will now be required to obtain at least two independent quotes for work costing more than $30,000.
Embracing the Changes
As these significant reforms are set to reshape the landscape of strata living and management in NSW, we at Century 21 Novocastrian are here to guide you through these changes. Our team, with its vast experience and in-depth knowledge of the real estate market, is fully prepared to assist you in adapting to these new regulations.
Your Partner in Real Estate
We believe these changes represent a positive step forward for the strata community in NSW, and we are excited to be part of this journey with you. For any queries or assistance regarding these upcoming changes, please feel free to reach out to our team. We are always here to provide expert advice and support to ensure your real estate endeavours are successful and rewarding.
Remember, at Century 21 Novocastrian, your property is our priority. Stay connected with us for more valuable insights and updates in the world of real estate.