Deferral of Strata Building Bond Scheme to 1 January 2018

We wanted to provide you with this update regarding the implementation of the NSW Residential Developer Bond and Defect Inspection Regime. This ‘Developer Bond Regime’ was to be introduced by the new Part 11 of the Strata Schemes Management Act 2015 (NSW), which came into effect on 30 November 2016. The regime entails the provision…

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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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Information on by-law breach penalties

We have written a new article explaining the available penalty options for by-law breaches in NSW strata buildings. Strata residents in breach of any by-law, risk that the Owners Corporation makes an application to NCAT for the imposition of a civil penalty for breaching the by-law. Such penalties are quite severe. The new strata legislation…

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New Strata Laws coming into effect today!

After many years of discussions and consultation, today the new strata laws are finally coming into effect! At Premium Strata we have been working very hard to ensure that our team is fully trained and that all our processes and templates reflect the new requirements. We would like to thank our team for all their hard…

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True or False? New Strata Law Question #4

As we count down to the 30th of November, we wanted to test your knowledge of the new strata legislation through a number of quiz questions. Over the coming 2 weeks we will publish 5 questions and answers. Why not have a go? Today our fourth question: True or False? Current contracts with strata managers…

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Strata Law Reforms: By-law breach fines to increase

Jimmy Thomson from the Flat-Chat column has written an interesting article on the coming changes to strata by-law breaches. In summary, fines will double and for the first time these fines will typically be paid to the strata plan. If the offender reoffends within 12 months, the fines increase dramatically to thousands of dollars, creating…

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Overview of NSW strata legislation changes on LookUpStrata

Did you know that Premium Strata has provided the information on LookUpStrata’s dedicated NSW Strata Rules & Bylaws page? See the ‘New South Wales’ tab on the page. It’s an excellent resource covering all relevant strata regulations and covers the upcoming changes to NSW strata legislation. Why not have a look now? It is well worth the look!

How do new strata laws impact DIY renovators?

We covered this in an earlier article on the imminent strata law changes. however we thought this article was worthwhile sharing. In this article, Jimmy Thomson from the Flat Chat column in the Domain explains how DIY renovators need to be mindful that many activities will need prior approval by the strata committee before commencement of…

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