Blog

Jan
24

THE ADMINISTRATIVE FUND -V- CAPITAL WORKS FUND

All strata schemes in NSW must establish an administrative fund and a capital works fund (was called a “sinking” fund) to administer the finances of the strata scheme.

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Dec
13

BOOKINGS CANCELLED AS FIRES RAGE

A crisis such as flooding or the recent Queensland bushfires may lead some guests to postpone or cancel their visit. Your rights and obligations in these circumstances will depend on the situation and the lack of a clear cancellation policy and can lead to disputes with guests and unit owners.

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Nov
27

REAL ESTATE AND THE SALEABILITY OF YOUR RIGHTS

The eastern States have experienced substantial increases in the value of real estate over the last couple of years. This increase in property values, however, is not such a great thing when it comes to selling your management rights.

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Oct
22

DROP DEAD DATES

It is critical that you exercise any option in your Caretaking and Letting Agreements strictly in accordance with the terms of the Agreements.

In recent years I have seen a husband and wife, in the later stages of their working life, walk away from what was a good business with next to nothing as a consequence of missing the first option exercise date by 2 days. It was distressing!

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Sep
21

IS COMPANY TITLE MAKING A COMEBACK?

Strata laws were first introduced into New South Wales in 1961.

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Aug
21

Duties And Obligations Of Committee Members

Committee members are all volunteers and the vast majority are unpaid.

The strata legislation (and by laws) in each state provides the framework for governance of strata title buildings. Bodies Corporate (or, as they are called in New South Wales, “Owners Corporations”) delegate much of their day-to-day decision-making authority to committees.

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Jul
25

SOME INTERESTING STRATA STATISTICS!

We all are aware that Governments (both State and local) are pushing people into high-rise living. Population growth in the cities means that more and more high-rise developments are inevitable.

I recently came across interesting statistics relating to strata, which was prepared by the City Futures Research Centre at the University of New South Wales.  

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Jun
20

NEW SHORT-TERM HOLIDAY LETTING REGULATIONS FOR NSW

The NSW Government has announced a new regulatory framework to govern the short-term holiday letting industry. Short-term holiday letting has rapidly expanded in recent years due to the growth of online booking services such as Airbnb and Stayz. The new framework will include new planning laws, an industry Code of Conduct and new provisions for strata scheme by-laws.  

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May
22

Changes Are Fast Coming for NSW Real Estate Licensing

The Property, Stock and Business Agents Amendment (Property Industry Reform) Bill 2017 has now been passed by both Houses of the NSW Parliament. The accompanying Regulations are still being finalised and the new legislation is expected to come into effect in the latter part of this year (possibly October or November).

ARAMA is continuing to push for relief for its members in the Regulations, so that when drafted, they will exempt onsite managers from having to hold a full real estate licence and/or a “Licensee in Charge” licence where they only intend to carry out letting in the complex that they manage.

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Apr
24

THE DEEP END OF POOLED LETTING POOLS

We regularly review a variety of letting appointments (the agreement between the building manager acting as letting agent and the owners of the investment units used in a letting pool) and we often find that there is a noticeable gap between what the appointments state versus how they are interpreted.

For the most part the gap can be attributed to overly simplified clauses that do not adequately state the practices that the majority of the industry operates under. In general, these inadequacies are rarely the subject of a legal dispute (when business is good) and so fixing them is often left on the “do it tomorrow” pile.

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