Reply To: Hot new Property and Stock Agents Regulation

Apologies, pre emptive excitement. I’ve not finished reading it yet, and need to compare old to new, to see what is actually new. Then there’s the question if it’s actually applied in practice.

Yes I thought there’d be people on this forum who would be excited too and go have a look, or may have already read it and could give their take on it.

Some things that looked good so far, (on my way to work, I’ll add more later)-

41. Records to be prepared by strata managing agent

(3) A copy of each record must be provided to the treasurer of the owners corporation or association at the following times—
(a) if the agent ceases to act as managing agent for the owners corporation or association—within 14 days after termination of the agency agreement,
(b) otherwise—at least once in every 3 month period.

42. Contents of record to be prepared by strata managing agent
(1) Each record required to be prepared by a strata managing agent under section 41 must—
(a) state the name and address of the owners corporation or association for whom the record is prepared, and
(b) specify the period in relation to which the record is prepared, and
(c) state the date of the record, and
(d) if the record is required because of the termination of an agency agreement— reconcile all receipts and payments with the statements from the relevant authorised deposit-taking institution up to the time of termination.

43. Managing agent to permit strata and association committees to inspect records

There is also a new inclusion that a strata manager has to cooperate in handing over to an owners corporation moving to self management, or when there is no new strata manager to hand over to. (I need to go back and find the reference).

This is the link to the Regulation

https://comms.fairtrading.nsw.gov.au/link/id/zzzz6333c0ab315a1060Pzzzz62b0113959e03584/page.html