To modernise strata laws, more than 90 law changes were passed by the NSW Parliament in 2015 and will start on 30 November 2016. This is except for the building defect bond scheme reforms (Part 11 of the Strata Schemes Management Act 2015), starting on 1 July 2017.
NSW has more than 75,000 strata schemes worth $350 billion in assets. The reforms will affect some 2 million industry professionals, strata owners, and residents in strata-titled townhouses and units.
In April 2016, Fair Trading released the draft Strata Schemes Management Regulation 2016 (PDF size: 357kb) and LPI released the draft Strata Schemes Development Regulation 2016 (PDF size: 259kb). These Regulations set out the detail for how the laws will operate.
Consultation closed on 27 May 2016. Comments and submissions were considered carefully to help make sure the Regulations operate effectively.
LPI is due to release the final Strata Schemes Development Regulation 2016 later this year.
The new strata laws will start on 30 November 2016. The building defect bond scheme will start later on 1 July 2017. This is so the new Australian Standard for group title building inspections can be finalised first.
Prepare for the changes with updates straight to your inbox: register for strata email updates.
Property industry professionals are encouraged to subscribe to Fair Trading’s email alert service: Property matters.
Research and community consultation have informed the comprehensive reforms.
Consultation has included the following:
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