NSW majority sale goes to cabinet
Proposed strata laws to be taken to the NSW cabinet for approval next month will mean a majority of unit owners will be able to force the rest to sell to developers.
Under the proposed new laws that fair trading minister Stuart Ayres will take to parliament “will help facilitate renewal and upgrade of strata facilities that are difficult and expensive to maintain.’
As the law now stands, all owners need to agree to sell their apartments before an entire block can be sold for demolition or to developers. Under the new legislation only a majority would need to agree and include a provision for appointment of a strata renewal committee to oversee the development of a collective sale.
If adopted by parliament, the proposals will open the way for termination of strata schemes allowing for the sale to a developer.
According to government figures, about 30 per cent of residential strata schemes in the Sydney metropolitan area were registered more than 30 years ago.
Chris Martin from the Tenants Union of NSW, said he was concerned the proposal to allow strata schemes to be extinguished with the support of 75 per cent of owners would force elderly and vulnerable owner occupiers out of their homes.
”We are worried about owner-occupiers as well as tenants in the older strata schemes – particularly older owner-occupiers who have either few or no other assets than their apartment,” he said.
Pet ownership (and installing picture hooks) will become easier for owners under the proposed new regulations, but owners corporations are likely to be allowed to take tougher action in response to parking offences, cigarette smoke and the unwanted installation of floor boards
