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Strata schemes by-laws review

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Strata laws require all schemes to review their by-laws by 30 November 2017.

With the deadline fast approaching, now is the time for schemes to organise a meeting of the owners corporation to review their by-laws (if schemes have not already done so since 30 November 2016).

This is a chance for owners to consider whether their existing by-laws are still suitable or if changes are needed to improve the scheme's operation. Schemes can adopt any or all of the model by-laws, or simply use them as a guide when making by-laws that suit their scheme.

If, as a result of the review, a scheme proposes changes to the by-laws, these must be put to a special resolution vote at a meeting of the owners corporation. The new by-laws must also be registered with the NSW Office of the Registrar General within 6 months after the special resolution has been passed. This can be done by lodging a Consolidation/Change of By-Laws form. Tenants must also be informed of any change in by-laws.

If no changes are needed as a result of the by-law review, nothing further needs to be done.

For more information on by-laws, visit our by-laws in your strata scheme page.

 

Strata building bond and inspections scheme commences 1 January 2018

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The new strata building bond and inspections scheme is due to start on 1 January 2018.

Under the new scheme, developers of new residential and mixed use high-rise strata developments which are four storeys or higher will be required to lodge a building bond with NSW Fair Trading. The amount secured by a building bond is to be 2% of the contract price for the building work.

Any defective building work identified between 15 and 18 months but not rectified by the builder before the end of 24 months may be rectified using an amount secured by the building bond.

Find out more about the scheme.

 

Get ready for eConveyancing

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Conveyancing and Certificate of Titles are transitioning to a paperless system.

By July 2019, all conveyances will need to be done electronically and all Certificates of Title will be converted to e-Titles.

The transition to paperless conveyances will be done in phases, with the next milestone being 1 July 2018. By this date, all stand-alone transfers and caveats, mortgages and discharge of mortgages must be lodged electronically.

For more information on the roll-out of eConveyancing in NSW, visit the NSW Office of the Registrar General website.

 
fairtrading.nsw.gov.au