NEWS: Redevelopment of Strata Plan

The following is important information regarding the redevelopment of Strata Plans:

Owners corporations may receive strata renewal proposals under Part 10 of the Strata Schemes Development Act 2015. What do they need to do? The key steps are as follows: • If the scheme was an existing scheme when the new legislation commenced on 30 November 2016, it needs to convene a general meeting to pass a resolution opting into Part 10. Otherwise, Part 10 will have no application to the scheme. • If the scheme receives a strata renewal proposal, it needs to convene a strata committee meeting to consider whether the proposal warrants further consideration.

It must convene a meeting as soon as practicable, but not more than 30 days after receiving the proposal.

• If the strata committee decides that the proposal warrants further consideration, it must convene a general meeting to consider whether the proposal warrants further consideration. It must convene a meeting as soon as practical, but not more than 30 days after the strata committee meeting.

• If the owners corporation decides that the proposal warrants further consideration, it must convene a strata renewal committee and elect its members. That can be done at the same meeting, but this would often be done at a separate meeting. This is very complicated process with many significant steps and tasks which are not listed above this should not be embarked upon without specialist legal representation from the outset. Some of the pitfalls include, the failure to have meeting(s) at the appropriate time can cause the strata renew proposal to lapse. If it lapses, a person cannot give the proposal, or another strata renewal proposal that is substantially similar to that proposal, to an owners corporation within 12 months after the day the proposal or plan lapses

Top 10 desirable suburbs in NSW 2017

What are the top 10 most desirable suburbs in NSW?

Interestingly, Port Macquarie is ranked number 1.

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It is mentioned that this is due to the ‘seachange’  trend in the market and the area has recently attracted a lot of investors.

See all of the story here