NSW Strata Laws set to be updated for the first time in 50 years

Whether you are a landlord or tenant you can have your say, up until Wednesday 12th August, 2015.

There has been alot of news surrounding the NSW Government's plan to reform NSW strata laws. This is the first major reform of strata laws since the Strata Titles Act was made in 1973 and seeks to bring strata laws into the 21st century. They hope this will create a modern framework for residents living in strata schemes today.

NSW has around 75,000 strata schemes worth $350 billion in assets. The reforms will affect some 2 million industry professionals, strata owners, and residents in strata-titled townhouses and units.

Based on relevant community consultation, more than 90 proposed reforms will update 50-year-old strata scheme laws. Together, they will help to guide strata schemes to best manage their strata community's needs into the future. If you live or work in a strata block, or own property with a strata title, you are invited to have your say.

The proposed changes aim to:

• make it easier for owners corporations to manage issues like pets, parking and by-laws
• create a new democratic process for collective sale and renewal of strata schemes
• support the responsible management of schemes with new accountabilities for strata managing agents
• establish a new process to help ensure building defects are addressed early in the life of the building
• enable modern forms of communication (including new options for your strata scheme to keep and issue electronic records, issue email updates and attend meetings ‘virtually’) to allow greater participation in schemes.

Above information from the NSW Fair Trading website, for more information and links to where you can have your say, visit the Review of Strata Laws page.