As we return to work after the Christmas and New Year holidays, many of us would be aware and would have reflected on the terrible situation facing the owners and residents at the Opal Tower at Homebush. What a disaster that is for those affected at such an inopportune moment (just before Christmas, and only months after moving into a brand new building). One imagines the excitement that new residents and owners must have felt when starting on a new adventure and the disappointment when disaster struck. Much has been said for the role
A look at how the New Act affects an Owner Corporation and Strata Managers It has now been some time since the commencement of the Strata Schemes Management Act 2015 (the Act) which took the place of the Strata Schemes Management Act 1996 (the Old Act), but I felt it was timely to discuss some changes that may not be well known to owners, to the extent they relate to the financial management of schemes. Meticulous financial management is absolutely crucial when managing any strata scheme. It is impossible for the Owners Corporation to fun
New South Wales can claim credit as the first jurisdiction to introduce strata title, a form of shared ownership that has been replicated around the world. However, despite its popularity (there are more than 80,000 schemes in New South Wales alone), many new owners do not understand the concept and therefore are unclear of what is involved. The first thing that owners need to understand is that they have a shared interest in “common property” that would include walls, ceilings, doors and windows (for example), and individual ownership of t
Many owners find that they “inherit” their strata manager from previous owners or developers and so have not had much say in the firm appointed or the individuals nominated to handle the management of their property. For many property owners, their property, be it their home, rental property, office, warehouse of shop, is one of their single greatest investments and so entrusting its management to a company and person you can trust is very important. There may come a time when owners band together and decide that it is time for a change.