Q&A: Who Can Access the NSW Strata Trust Account?

In the case of sole trader Strata Managers (one person), how does the Executive Committee gain access to the Strata Trust Account if their strata manager passes away? In brief, the Unclaimed Money Act 1995 (the Act) now applies to unclaimed money held in a trust account under the Property, Stock and Business Agents Act 2002….

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Interesting strata facts (NSW)

For those who like statistics, we have some numbers that might interest you. A total of 76,733 Strata Schemes were registered in NSW in February 2017. SCA (NSW) reports that as of February 2017 there were 821,044 strata lots registered with the NSW Land and Property Information (LPI), which is a significant 12,668 lots or 1.6%…

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Why a good strata manager matters

Jimmy Thomson from the Flat-Chat website wrote a great post on the importance of good strata managers. “Fair Trading … received 800 enquiries about strata managers and 48 official complaints last financial year – a rise of 50 percent on 2014-2015.” “Strata schemes can be cash cows where, often, investors vote for the lowest cost option…

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10 Signs your unit was a good investment

The Domain has written a nice article summarising 10 proof points confirming that you purchased a strata unit in a good block: The entrance hallway or foyer should be clean, bright and welcoming. The lifts should be clean and graffiti free. Neighbours greet each other with a smile Social activities are organised in your block,…

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How should Strata Meetings be run?

We have written a new article explaining how successful strata title scheme meetings, such as Annual General Meetings (AGMs) and Extraordinary General Meetings (EGMs) should be run. We cover the meeting notification, proxy’s, voting instructions, meeting quorums and typical strata motions you can expect to find on your agenda. Hit this link for the full article, and…

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What are Community, Precinct or Neighbourhood associations?

We have written an article explaining the somewhat complex Community Title Schemes. These are typically large developments that offer a mix of strata titled apartment buildings, townhouses and shopping centres with shared promenades and parklands. Community Title Management involves the management of property within these sometimes called ‘gated estates’. This includes the management of any shared infrastructure,…

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How Become A Licensed Strata Manager?

We have written a new article explaining how you become and remain a Licensed Strata Manager, and why it is important to use the services of a fully qualified professional. We also cover how you can check whether your Strata Managing Agent is licensed by the Department of Fair Trading (NSW) and a member of…

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