Membership in an owners corporation through owning or purchasing a unit/townhouse in group title shouldn't be about paperwork and worry. It should be about enjoying the benefits of what is still the fastest growing property segment. Community title investment should enable you to relax, and enjoy the really important things in life.
CSTM specialises in the management of group title properties. Our proactive approach to strata management ensures you have the choice to be involved as much or as little as suits your lifestyle in the stewardship of your community title investment.
CSTM has a wealth of experience managing a wide array of owners corp properties under various group title structures. With this blue-chip experience, and combined with our firm focus to stay at the forefront of the latest developments in the strata industry, aligning with CSTM means you can relax and enjoy the rewards of your owners corporation membership.
Community and Strata Title Management
27 Feb 2014 - Strata Reform Summary
The NSW Government is reforming NSW strata law.
NSW has more than 72,000 schemes worth $350 billion in assets. The reforms will affect around 2 million industry professionals, strata owners, and residents in strata-titled townhouses and units.
Based on consultation, 70 proposed reforms will update 50-year-old Strata Title. Together, they will help to guide strata schemes to best manage their strata community's needs into the future.
Changes to strata scheme rules (by-laws):
- Strata schemes can adopt all or any new model by-laws (standard rules) that suit them. The owners corporation (formerly body corporate) will need to review their rules within a set period to check if changes are needed.
- Pet-friendly units will be encouraged, but not mandated, by reversing the default pet ban in model by-laws.
- Real-estate agents and landlords must provide residents with up-to-date by-laws.
- Repeat offenders who have breached a by-law within the last 12 months can be penalised without reissuing a notice to comply or further mediation.
- Smokers may be fined for smoke drifting from their balcony or a common area to better protect neighbours' health.
- Owners can prevent overcrowding for their scheme by introducing an upper-limit rule on occupiers per bedroom.
Changes to support the fair and efficient management of your scheme:
- Reforms will bring strata law up-to-speed with the Internet era. This includes options for your scheme to email, keep and issue electronic records, and to network and attend meetings ‘virtually’.
- Tenants can attend meetings and elect a non-voting representative to speak at the strata committee to represent their interests (where more than half a scheme is tenanted).
- Clearer, common-sense approvals for owner renovations waiving restrictions for minor, cosmetic changes to lots such as handrails inside the lot to make it safer for elderly people.
- Owners will directly elect strata committee office bearers.
- Owners corporations must outline how they plan to fund their 10-year sinking fund plan.
- Owners corporations will be able to seize rents from levy-defaulting properties until debt is cleared.
- To promote fair play, proxy voting limits will help to curb proxy harvesting.
- New accountabilities and a 3-term limit for strata managers.
- Schemes may engage their local council (subject to council arrangements) to patrol their scheme and impose parking penalties.
- For new schemes there will be a developer bond, independent defects report, and a maintenance and servicing schedule prepared by developers. This will be used to inform budgets and levies and proactively limit escalating costs, disputes and damage from defects.
- Collective sale and renewal of the scheme possible with most owners agreeing (at least 75% agreement, supported by inclusive decision-making requirements including distribution of a detailed plan).