Both the Strata Schemes Management Act 2015 No. 50 and the Strata Schemes Development Act 2015 No. 51 were assented to on 5 November 2015. These bills have far reaching impact on unit owners and developers dealing with unit owners. Hones Lawyers are presently preparing an outline template in for use by owners and developers. The full details and forms will not be completed until the regulations of those acts have been finalised.
In recent discussions with a member of the parliamentary drafting team, we were told that the regulations will hopefully be completed by late February 2016. Both the Acts will become operative on 1 July 2016.
The process requires very precise documentation and passing of minutes, the appointment of a committee and resolutions that give effect to either the sale of all of a strata plan or the reconfiguring of the strata plan. If you are a developer, strata manager or member of an owners’ corporation wishing to take advantage of the possibility of having a 75% majority of owners agree to the sale or other dealing with your property, then contact Hones Lawyers and we will provide you with an outline of some of the steps that are going to be needed. Any advice, of course, is subject to the regulations being concluded so our advice will be an outline only.
As a service to those clients needing language assistance in either Mandarin or Cantonese, then our friendly conveyancing team can assist.