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The Truth About Strata Are Owners Really Complying With the Law

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Information about The Truth About Strata Are Owners Really Complying With the Law
Education

Published on March 5, 2014

Author: teyslawyers

Source: slideshare.net

Description

strata act, strata mediation, body corporate fees, owners corporation fees, levy recovery, levy collection, strata title, building and construction law, strata negotiation, mediation strata, company title law, strata law, strata lawyers, building defects, by-laws, bylaws, litigation, strata, nsw strata law, victorian strata law, ACT strata law, company title
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The Truth About Strata; what purchasers really need to know. Part 1 Are our owners corporations complying with the law?

The truth about strata is …we are asleep at the wheel

The strata wheel of (mis)fortune ? Owners decide (or not) Purchasers buy Lawyers advise Managers act Inspectors report

Let’s take a building somewhere • 15 res apartments • Part of a mixed use stratum (separate OC’s) • Balance commercial and retail lots • Onsite management • Res OC levies $ 1550 per quarter • 4 years old

The seven things the owners must do meet record manage comply insure maintain $ave

The duty to meet (s.14) • Signifies developer control • Defines period for holding First Initial period AGM First AGM AGMs • Check developer handover • Defines the AGM meeting window • Check requirements for last notice of AGM • Look for next AGM if the date is close to avoid nasty surprises

The duty to manage ( s 61) Pets Parking Privileges Common property

The duty to maintain (s.62) • Reasonable steps • Best endeavors • Reasonable care … All fail the test of strict liability for repair and maintenance of common property in NSW; Seiwas case.

The duty to $ave ( s. 76) Year Plan Reality 2007 - - 2008 - $ 20 000 2009 - $ 30 000 2010 $ 44 572 $ 26 000 2011 $47 742 - Balance end 2010 $87 358 $ 61 249 Compliance (under 41.6%) ( short $ 26 107) ( 29.8 %)

The duty to insure ( s.83) Expectations of cover Reality of exclusions

The duty to record (s. 100) Soft copies Hard copies

The duty to comply (s 12)

The truth about this strata Disclosed Undisclosed

Purchasers remain dazed and confused Owners corporations tight ineffective Strata managers underpaid beyond scope Strata inspectors unsupported at risk

How we propose to help ? Educate inspectors Unite inspectors Better informed purchasers

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