Strata law changes will force owners out: NSW Opposition
Posted on Thursday, November 22 2012 at 3:58 PM
Apartment owners in New South Wales could be forced to sell up and move on if the majority of other owners in the strata scheme want to.
That’s the warning from NSW Shadow Minister
for Fair Trading Tania Mihailuk, who describes the government’s proposed
changes to strata legislation as “radical”.
At present, strata schemes can only be
terminated with the consent of all owners. The proposed reforms could see that
requirement changed to a 75 per cent agreement.
“Developers who want to buy an entire
building would only need the agreement of (the majority) of owners, but
everyone else would be forced to sell,” Mihailuk says. “You could lose your
home without having any say in the matter.”
Public response to the discussion paper
closes today and about 1000 submissions have been received already.
Fair Trading Commissioner Rod Stowe insists
feedback received by the strata community will play a role in “informing the
issues covered”.
The government will listen to concerns
raised and ensure the issues affecting strata owners were addressed by the
review, Stowe says.
The review covers a number of areas and
submissions so far have made recommendations covering governance, anti-social
behaviour, dispute resolution and the more effective enforcement of bylaws.
But it’s the dissolution changes that have
Mihailuk worried. If introduced, there could be wider consequences for
owner-occupiers and investors who buy into strata schemes, she warns.
“Why would anybody want to live in a strata
scheme if it means they could potentially lose their home?”
Follow us on Twitter.
Was this article helpful? Place a link to it from your website, or share it using the button below.
Recent articles:
Strata law changes will force owners out: NSW Opposition
Know the value of your reno before the lender does
SMSF property investments will be monitored: ATO
Lift in house prices kept rates on hold: RBA
Browse gas project given State Government approval
Controversial Mary Valley properties go under the hammer
Leave a comment
Comments
Article source: http://feedproxy.google.com/~r/API_Property_News/~3/kpRZxZF4GfM/strata-law-changes-will-force-owners-out-nsw-opposition