the truth about strata are owners really complying with the law

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Post on 15-Jan-2015




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  • 1. The Truth About Strata; what purchasers really need to know. Part 1 Are our owners corporations complying with the law?

2. The truth about strata is we are asleep at the wheel 3. The strata wheel of (mis)fortune ? Owners decide (or not)Purchasers buyLawyers adviseManagers actInspectors report 4. Lets take a building somewhere 15 res apartments Part of a mixed use stratum (separate OCs) Balance commercial and retail lots Onsite management Res OC levies $ 1550 per quarter 4 years old 5. The seven things the owners must do meetrecordmanagecomply insuremaintain$ave 6. The duty to meet (s.14) Signifies developer control Defines period for holding First Initial period AGMFirst AGMAGMs Check developer handover Defines the AGM meeting window Check requirements for last notice of AGM Look for next AGM if the date is close to avoid nasty surprises 7. The duty to manage ( s 61) PetsParkingPrivileges Common property 8. The duty to maintain (s.62) Reasonable steps Best endeavors Reasonable care All fail the test of strict liability for repair and maintenance of common property in NSW; Seiwas case. 9. The duty to $ave ( s. 76) YearPlanReality2007--2008-$ 20 0002009-$ 30 0002010$ 44 572$ 26 0002011$47 742-Balance end 2010$87 358$ 61 249Compliance(under 41.6%) ( short $ 26 107) ( 29.8 %) 10. The duty to insure ( s.83) Expectations of coverReality of exclusions 11. The duty to record (s. 100)Soft copiesHard copies 12. The duty to comply (s 12) 13. The truth about this strata DisclosedUndisclosed 14. Purchasers remain dazed and confused Owners corporationstightineffectiveStrata managersunderpaidbeyond scopeStrata inspectorsunsupportedat risk 15. How we propose to help ?Educate inspectors Unite inspectorsBetter informed purchasers


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