NSW strata law and Strata schemes management Amendment Act

by

Chris Whelan

Strata title was an innovation in real estate which came up to cope with the growing needs of people to buy property in the urban areas. Strata or strata schemes are basically a community of people sharing the same residential area while owning their independent part or portion popularly known as lots. Apart from these lots there are some common areas and common facilities like the driveways, staircase, gymnasium, swimming pool, open areas which doesn t come under any specific lot.

While buying into a strata property an individual automatically becomes a member of the body corporate or the owner s corporation and along with other lot owners he is involved in developing and maintaining the strata scheme. The Conveyance (strata title) Act 1961 brought about this innovative property ownership which helped the people to legally own their lot in multi storey apartments.

This law is an owner friendly legislature which ensures financial security unlike the company share certificate system. In the previous case the residents had the legal rights to stay in the building but the company held the property rights. Moreover the share certificates were vastly different than the property certificates which are now issued to the strata owners.

The NSW strata law has given the property owners a lot of independence and by sharing certain responsibilities they enjoy a different kind of life style. Some of the new legislatures are as follows

NSW strata scheme management act 1996

NSW strata scheme management regulation 2010

NSW strata scheme legislation amendment act 2001

NSW community land management regulation 2007

Free hold development act 1973

Lease hold development act 1986

Strata schemes can be a hot bed of litigation and disputes if the residents don t agree with each other and refuse to go by the decisions taken by the Executive committee members. This is the reason why a number of strata management companies are coming up to cope with the needs of different strata schemes.

Each strata scheme has its unique features and different set of by laws. The strata managers have in depth knowledge about the different strata schemes and also about the different Govt. rules and regulations affecting strata type properties. They have enough experience and technical know hows regarding the intricate workings of the Govt. rules and regulations and its correct interpretations.

NSW strata laws are regularly amended to provide better strata living and the knowledge about these are extremely important for any kinds of dispute mitigation.

If we take the example of strata management legislation amendment act 2008 we can see how they enhance the operation and management of strata schemes. This amendment affects the following areas

*Caretakers and building managers

*By laws about parking vehicles on common property

*Proxies and power of attorney

*Building disputes

*Disclosure requirements by the executive committee members

NSW strata laws are pro people legislatures which are amended on a regular basis to improve the quality of lives of people staying in strata type houses.

Christopher Whelan is a Licensed Strata manager at Whelan Property Group Pvt. Ltd. has years of experience in the marketing and trading Strata management.His online and offline knowledge regarding

strata schemes

makes him a great resource of

NSW strata law

australia.

Article Source:

ArticleRich.com