Earlier this year, Landgate released information regarding various changes to the Strata Titles Act for both residential and commercial strata.
Who needs to know?
- Strata sellers
- Prospective strata buyers
- Real estate agents
What are the changes?
Before the buyer signs the offer and acceptance contract, the seller must now provide information including:
- Estimated contributions they will have to pay as their strata levy over a 12-month period.
- The most recent statement of accounts of the strata scheme.
- Any amount already owed to the strata company by the current lot owner.
- The minutes from the most recent Annual General Meeting (AGM) of the strata company or any other general meeting that’s been held since.
- Information about any termination proposal received by the strata company.
This information will better enable buyers of strata to budget for any ongoing costs, what upcoming costs they may be facing due to any major repairs /rectifications and it will also show if there is any money in the reserve funds.