New strata laws start on 30 November 2016.
Many new requirements will not impact us immediately: strata managing agents, building managers and executive committees can continue to operate.
Complying with the new laws
Strata schemes will have plenty of time to adjust: decisions already made and financial contributions already levied remain valid.
Stronger accountability for strata managers
Strata managing agents will disclose conflicts of interest, including financial interests. Strata managing agent agreements will be limited to 1year (in the first year of the strata scheme) and 3 years in following years.
The reforms provide clearer approvals for owner renovations. They waive restrictions for cosmetic changes (e.g. inserting a picture hook).
Renovations with a lasting impact (e.g.floorboards), still require approval by general resolution (50% of the vote). Renovations that affect the structure or external appearance of the building, or waterproofing, still require a special resolution (75% of the vote).
Changes to proxy voting will prevent an individual from obtaining a majority of proxy votes.
Model by-laws deal with smoking and pets.
Tenants will have a right to attend owners corporation meetings.
The reforms will expand the Tribunal's power to deal with most strata disputes.
Cllick here to download a more detailed summary of the changes.