The Law Is Changing
Located in: Blog
After doing the rounds over the last few years legislation is nearly here and the Strata Titles Act 1985 is about to be changed. Make sure you are compliant and don’t get caught out!
If your complex has been running the strata company without the correct checks and balances, you may soon find yourself unwittingly in contravention of the Act.
The new Strata Titles Act has far reaching consequences for all concerned, ranging from now only requiring a 75% majority vote to commence redevelopment of older sites (lookout Terrace Road, Perth and other older buildings).
Meetings will now be able to be validated and run electronically, plus there are so many more small differences that will ensure that strata companies are now run more in keeping with sound business practices.
This new Act will ensure that some existing strata companies will be held far more accountable and will not fall foul of being run by well-meaning owners who operate their own strata company to save a few dollars.
These situations quite often lead to people unwittingly contravening bylaws, rules and regulations sometimes resulting in many clauses and actions being uncompliant in line with the Act and therefore open to challenge, appeal or even worse legal claims.
The days of the ex-school teacher or retired accountant handling the books, accounts and management of the strata company are soon to come to an end. Taking a closer look at your current strata company, its books, minutes and records could indeed show some of these anomalies.
So breathe a little easier as we now move to new territory for all strata properties.
By the way, does your strata complex have adequate office bearers insurance currently in place? It might be worth checking.
October 19, 2016
Posted in: Blog