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Posted 17 December 2015
Category: Strata, Strata Reform
A common problem for investment property owners, whose investment property is a strata apartment, is getting the owners corporation to properly maintain and repair the common property. This can involve an owners corporation lacking the funds required to undertake the works or simply involve inertia.
This is a particular problem for investment property owners, who don’t want to be unable to rent out their apartment or to realise its maximum potential rental. Further, they have obligations to tenants under residential tenancy laws and could be exposed to compensation orders for failing to ensure that the apartment meets habitability requirements under those laws, even if lack of maintenance by the owners corporation is the real cause of the problem.
The new strata legislation commenced on 30 November 2016. Broadly, the owners corporation is responsible for repair and maintenance of common property and can be compelled to undertake such works by an adjudicator’s order, but:
The key changes relevant to investment property owners under the new legislation are:
If you are having problems with these issues, you have options under the new legislation. We have considerable expertise in relation to such issues and can assist you.
***The information contained in this article is general information only and not legal advice. The currency, accuracy and completeness of this article (and its contents) should be checked by obtaining independent legal advice before you take any action or otherwise rely upon its contents in any way.