Numerous changes to strata title legislation took effect on 11 December 2023. A recent report found that over 25% of people now live in strata-titled properties such as units and townhouses. These legal changes will affect more residents in the future.
Key Changes to Strata Law
Here are some of the most significant and interesting changes:
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Previously, strata committees (groups of owners managing the day-to-day running of a strata scheme) could only be elected at Annual General Meetings (AGMs). Now, committees can also be elected at any other general meeting, which prevents premature votes to remove them before the next AGM.
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Committee members must disclose any direct or indirect financial interest in matters before the committee. They cannot participate in or vote on those matters.
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Residents will find it easier to keep pets because the owners corporation (the legal entity of all lot owners) cannot charge fees or bonds for pets, nor require pet insurance.
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The owners corporation must give at least 14 days’ notice before holding an AGM.
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Strata schemes must obtain at least two independent quotes for proposed expenditures over $30,000.
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To fund emergency repairs quickly, strata schemes can require lot owners to pay contributions after just 14 days’ notice.
Need Help Navigating Strata Law Changes?
If you live in or manage a strata property and want to understand how these changes affect you, contact A. S. Laumberg today or visit our Strata Matters & Disputes page for expert legal advice tailored to your needs.