Welcome to our latest newsletter full of strata title information from around Australia.
This is one of our largest fortnightly newsletters ever. Thanks so much to all of our contributors for supplying such excellent information. I hope you enjoy the read! Let me know what you think.
If you are interested in contributing to our blog, watch our new presentation "Become a LookUpStrata Contributor". Thanks to Peter Greenham of Independent Inspections for inspiring me to create presentations. Watch this space for further LookUpStrata presentations!
Thanks
Nikki
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Sinking Fund Forecast Presentation
Peter Greenham, Independent Inspections
What is a sinking fund? What does a sinking fund budget do? History of sinking funds in Australia. What does a sinking fund contain? Sinking fund case study.
A detailed and comprehensive estimate of the councils corporate’s sinking fund expenditure for the scheme’s 10 financial years that must include an estimate for the repainting of common property and of buildings that....
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NSW: A Critical Case for Strata Managers
Bailey Compton, Leverage Group – Solicitors & Academy
In New South Wales, the Supreme Court has adopted the rule that Owners Corporations cannot sue builders for breach of duty. In a string of cases, the Supreme Court has held that, where a building contract sets out the remedies that are available for an Owners Corporation, the Owners Corporation are precluded from taking action. In the case of Brookfield Multiplex vs. Owners Strata Plan 61228, the Su....
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Buying a management rights business off the plan
Frank Higginson, Hynes Legal
Economic cycles absolutely come and go. This is an article we wouldn’t have needed to write in 2009 or 2010 as the GFC was in full swing and development largely ground to a halt with all of the financial uncertainty.
In the last few months we have acted in more off the plan management rights matters than we have in years. That is a happy by-product of property comi....
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NSW: NCAT Strata Adjudications
Michael Pobi, Pobi Lawyers
There are a wide range of disputes which can arise in strata schemes. Most disputes arise between owners. However, there are cases where disputes arise between owners and the owners corporation over lack of maintenance and repair issues, breaches of the scheme’s by-laws such as keeping pets without approval, excessive noise, insufficient floor coverings and parking on common property, dysfunctional executive committees, repairs to ceilings, walls and floo....
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In Defence of Strata Managers
Lisa Rutland, MyBodyCorpReport.com.au
Strata manager. Now there’s a job I really wouldn’t want to do. Which is ironic given I’ve spent years learning about their practices, the legislation and the strata industry.
There’s a reason why I wouldn’t want to do it: It’s hard.
The key thing about being a strata manager, it’s all about people.
The committee.
The lot owne....
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NSW: Vacancies on the Executive Committee
Bailey Compton, Leverage Group – Solicitors & Academy
Who would sit on an executive committee of an Owners Corporation? It’s unpaid, restricted opportunities for achievement and always criticized. It is little wonder that executive committee members resign throughout their 12 month reign.
Schedule 3 of the Strata Schemes Management Act 1996 (SSMA) states that any executive comi....
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NSW: Retention of Business Records
David Bannerman and Mark Pollinger,
Bannermans Lawyers
Business proprietors may find almost overwhelming questions like “what records do I need to keep”, “how should I keep them” and “how long do I need to keep them”. Although greater regulation in turn increases the variety of records which must be retained, developments in technology and associated law do make this a...
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What Do We Want to be Famous For?
Nikki Jovicic, LookUpStrata
I was driving back to my office from an appointment a few days ago and I heard the latest Telstra ad campaign – “we care about our customers and we want to be famous for it”. Whether I agree that Telstra can achieve this or not, it got me thinking. At LookUpStrata, what is it that we want to be famous for?
I say we, but it is really just me – sitting here in my home o....
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What is a Strata Inspection Report?
Paul Mulligan, Find Our Home
A strata inspection report (also known as a strata search, Owners Corporation Records Inspection or Section 108) is a report that all purchasers of a strata titled, community titled or company titled property should invest in whether this be a residential or commercial property.
The Strata Inspection Report I refer to is similar to a building report when someone buys a house. The records of the Owners Corporatio....
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Important Insurance Reminder for all Landlords who Rent Out Their Unit….
Ashley Van Woerkom, My Rental Team.
You may have heard people talking about Public Liability Insurance, but what exactly is Public Liability Insurance? Well quite simply it is a certain Insurance which covers you in the event someone is injured or death is caused to someone on or around your property.
Legally, if you have a rental agency managing your unit for you, it is a requirement to have a copy of your current Insur....
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NSW: By-Law Traps For The Unwary
Michael Pobi, Pobi Lawyers
Strata by laws are the common set of rules for a strata scheme which all lot owners in a strata scheme implicitly agree to abide by when they purchase a lot in a strata scheme. They are not laws in the sense that legislation from a parliament is considered a law, but they can be enforced through the application to the Commercial and Consumer Division of NCAT. That being said, the other day a by-law came across my desk ....
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Body corps buy ‘experiences’ not products and services!
Garth Noone, Common Ground Property Services
Consider the example of an electrician that completes work in common areas for body corporate clients. If the electrician leaves the job site cleaner than it was when he or she arrived, they are likely to reduce potential complaints.
However, nice touches such as a thoroughly cleaning the job site do not represent the core experien ....
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NSW: Home Building Act Statutory Warranties – What is the Two Year Warranty for Non Structural Defects Worth?
David Bannerman and Mark Pollinger, Bannermans Lawyers Amendments to the Home Building Act 1989 (“HBA”) which took effect on 1 February 2012 significantly reduced the scope of the statutory warranties available in relation to residential building work. The warranty period for breaches resulting in structural de...
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NSW: Strata Management Statements
Michael Pobi, Pobi Lawyers
A Strata Management Statement (SMS) is an individually drafted document governed in New South Wales under the Strata Schemes (Freehold Development) Act 1973 and is used to regulate the relationship between individual owners corporations and lots in deposited plans in mixed use, commercial and retail developments.
An SMS frequently regulat...
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