The Strata Schemes Development Act 2015 and the Strata Schemes Management Act 2015 (together with their respective Regulations - Strata Schemes Development Regulation 2016 and the Strata Schemes Management Regulation 2016), commenced on 30 November 2016, bringing major reform to the previous strata laws.
The new legislation is administered by the Office of the Registrar General and with NSW Fair Trading and may be viewed on the NSW Legislation website.
The new laws have significant implications for the preparation and lodgment of strata plans and dealings. Land and Property Information has published a Circular and a series of Announcements on these issues.
The reforms introduce the collective sale and renewal process. This provides owners of freehold strata lots with an alternative way to end their strata scheme by agreeing to a plan allowing for the 'collective sale' or ‘redevelopment’ of their strata complex in circumstances where not all (but at least 75%) of owners agree. There are several key stages which must be followed, with a number of significant safeguards to ensure the interests of owners, particularly those who are in dissent, are protected.
For more information, please refer to the following:
Guide to the preparation of a Strata Renewal Plan (PDF 122 KB)