The new strata laws which commenced 30 November last year have far reaching consequences for the strata community and the strata development communities. Some key changes for developers include:
- A process to facilitate the termination of strata schemes by way of collective sale or redevelopment.
- A building defect bond scheme which applies to residential buildings over 3 stories (to come into effect on 1 July 2017).
- Developer obligations to prepare a maintenance schedule to table at the first annual general meeting.
- Restrictions on the rights of developers from voting at meetings of the owners corporation on matters relating to building defects for residential buildings over three stories.
- The addition of further documents to the list of documents developers must hand over to the owners corporation of new buildings.
- Now no need for a registered strata management statement where there is already a registered building management statement.
- All building management statements and strata management statements must provide for the fair allocation of the costs of shared facilities and must provide a review process for the allocation of costs when there is a change to the shared facilities and in any event every five years.
- In a staged strata scheme, enabling a strata development lot to be subdivided by a further strata development lot in a staged strata scheme.
- Establishment of broad principles for by-laws, including that they cannot be harsh, unconscionable or oppressive.