It is the new regime in Part 10 of the Strata Schemes Development Act 2015 which was recently introduced to empower a 75% majority to drive:
It applies to all strata schemes, except those which are subject to a development contract or the Retirement Villages Act 1999 (NSW) or schemes which pre-date the legislation and choose not to “opt in” (by simple majority).
Under the former legislation, a scheme could only be terminated with unanimous lot owner consent or by way of a court order -– this meant that the minority held significant power. Historically, a single lot owner could frustrate termination, sale or renewal, despite general agreement. The new regime gives the power back to the majority by providing a new pathway to collective sale or redevelopment by requiring only 75% of lot owners to be on board.
Contact Massons today to find out more.
Phone: 02 8923 0900
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