Five years after landmark reforms were introduced, the strata framework in New South Wales is once again under review. Here’s how REINSW has responded to the NSW Government’s call for input.
Property managers who fail to supply tenants with a building’s strata by-laws, are risking a hefty fine – even if they are not at fault for the breach.
Meet Peter Matthews who was announced at the REINSW Annual General Meeting in November 2020, as the President Elect for the next 12 months.
REINSW has been working with Government on improving electrical safety in all NSW properties due to overall concerns of statistics of electrical fires within NSW households.
The provisions allowing electronic convening and voting at meetings, introduced in response to the COVID-19 pandemic, should be made permanent and not repealed on 13 May 2021.
Clause 14 of the Strata Schemes Management Regulation 2016 (NSW) should be amended to make it clear that pre-meeting electronic voting does not extend to elections.
Interest-free 10-year loans have been welcomed to fast-track the removal of high-risk combustible cladding from apartment buildings across NSW.
The provisions regarding the quorum at a meeting need to be redrafted, so that it is clear, particularly in the case of small strata schemes, what happens if there’s not a quorum.
Further guidance needs to be provided regarding the need to include an item on the Annual General Meeting agenda to consider building defects and rectification where warranty periods under the Home Building Act 1989 (NSW) apply.
The legislation should be amended to allow for the better maintenance of strata records, including electronic storage and back-up, as well as a requirement to maintain an overall index of records.
The requirement for an Owners’ Corporation to obtain a building insurance valuation every five years should be reintroduced and amendments made to remove reinstatement from the valuation exercise.
The legislation needs to clarify who is responsible for the ongoing maintenance of window safety devices and address the many practical issues that are currently causing confusion.
There should be a statutory requirement to register minor renovations to common property carried out by lot owners.
Continuing Professional Development has changed and all agents need to understand what their obligations are in accordance with their classification in the licensing structure.
The REINSW Women in Real Estate Conference (WIRE) is returning on 10 March 2021, with registrations open now.
The requirement to affix the seal of the Owners’ Corporation to instruments and documents should be repealed.
2020 was a year like no other. The impact of the COVID-19 pandemic was felt across the nation and the real estate industry in New South Wales was certainly not immune. There were challenges and we had to adapt quickly.
Interest should start to accrue on levies where they have not been “received” into the strata scheme’s bank account by the date they are due and payable.
REINSW members across the state have come to rely upon the industry’s leading online agreements and forms product – REI Forms Live.
Good record keeping is the backbone to any successful real estate business. Industry insiders are quick to point out there are no excuses for an unprofessional paper trail - even if today’s filing cabinets are all digital.