Apparently 25% of Sydney properties are strata properties, and 50% of those are tenanted. It is predicted that this percentage will continue to grow significantly, certainly in Penrith we have seen an increase in medium and high density living. The government is currently looking to make 90 changes to the current strata laws, mostly impacting the default strata rules that will apply, and is inviting feedback or comments from the public.
Some of the proposed changes include:
- No automatic ban on pets, and the strata board cannot ban assistance animals
- The penetration of cigarette smoke into a lot or common property is
recognised as a possible nuisance or hazard which may unreasonably interfere with the use or enjoyment of the common property or another lot (that is Strata could ban smoking inside apartments)
- The owners corporations can enter into agreements with the local council to use part of the common property as a strata parking area where the council erects signs and enforce penalties
- Reducing what is known as the home owners warranty from 7 years to 6 years for major defects and 2 years for all other defects.
- As part of the changes to what was known as the home owners warranty, the developer/builders will pay 2% of the contract price into trust.
- The developer/builder will have to get two independent reports for the strata building inspections, at 15-18 months after completion and 21-24 months after completion of the building.
If you want to find out more about the proposed changes, or have your say on the changes, then visit the NSW Fair Trading website.
Purchasing a property is a big decision, and deciding between buying a strata property or a stand alone property is an important part of that decision.
Who can help?
Bruce has extensive experience in property matters, having acted during his career for many individuals purchasing or selling a house, applying to Council for various approvals, or assisting clients who are the subject of a compulsory acquisition. In addition to working for individual clients in private practice as a solicitor for all that time, he was a legal advisor to three local councils for many years, and has lectured in real estate law at university. He understands more than just your basic conveyance, and is well equipped to assist you with all aspects of your property transactions.
If you would like more information about property law generally, or our firm, then click on the link to the left to read more of our articles on this topic.