The NSW Government recently introduced the Strata Managing Agents Legislation Amendment Act 2024. This legislation, implemented in stages starting 8 November 2024, aims to increase transparency and accountability, giving strata property owners and committee members a clearer view of their strata managers’ practices and potential conflicts of interest. Key Dates and What to Expect The…
In this series, we will cover key topics such as managing insurance claim funds, the responsibilities of a strata manager regarding trust accounts, who is responsible for investigating cracks in your townhouse, and how to address noise issues caused by your neighbour’s floorboards. As the CEO of Premium Strata, I often receive questions during General…
As a trusted Strata Insurance partner, we strive to keep our clients updated and informed. This update seeks to define the key factors impacting the pricing and availability of strata insurance in the current market, so that you can make an informed choice on the best offer of insurance. CURRENT MARKET CONDITIONS For the…
Question: Should we have a bylaw allowing residents to have a BBQ on their apartment balcony? If we have no bylaw and a BBQ becomes a fire hazard, will the Strata Committee Members be held liable? Answer: You need to check what your contract states with regard to strata manager insurance commissions. We have…
Question: Our building insurance is due mid 2019. Is the Owners Corporation able to renew this themselves or must it go through the Strata Management Company? We would prefer not to pay our Strata Manager insurance commissions. Answer: You need to check what your contract states with regard to strata manager insurance commissions. If…
As part of its update of various strata laws, the NSW Government is proposing a 2 per cent defects bond on all new strata buildings, as a way to protect owners and to guarantee that building defects which might appear in the first two years, can be re-mediated. This new measure is expected to be…
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Premium Strata is Sydney’s only Diamond-Class strata management agency. Located in Mascot, but servicing the entire Sydney Metropolitan area, our unique service features provide a comprehensive solution to the needs of both strata and community living.
