03/12/2016
5 CHANGES TO THE STRATA LAWS YOU SHOULD BE AWARE OF
Do you know Strata Titles (Amendment Act) 2013 (STA 2013) and the new Strata Management Act 2013 (SMA 2013), which have been in force since June 2015.
It has been seen as a big step forward to increase efficiency and give buyers better protection.!
Here is the 5 main legal changes to Strata Laws that you need to know
1.THE PROPRIETOR (REGISTERED LAND OWNER, NOT NECESSARILY DEVELOPER) MUST APPLY TO SUB-DIVIDE THE PARCELS IN THE BUILDING AT “SUPER STRUCTURE STAGE”
With the head start, hopefully, your strata titles will be ready by the time you get your keys; unlike before, when it could take up to several years after the building is completed.
2.TIME PERIODS FOR PERFECTION OF STRATA TITLE HAS BEEN REDUCED
You would need to have enough money to pay the stamp duty for the transfer sooner than before. So start saving up!
3. LIMITED COMMON PROPERTY & SUBSIDIARY MANAGEMENT CORPORATION
(Mix development) This system is meant to better serve owners’ interests by improving management efficiency and use of resources, such as the maintenance fees you pay. However, it is still a relatively new concept, and owners need to be educated on their rights and responsibilities.
4. PRESUMPTION OF DEFECT
Hopefully, you won’t have to live with the drip, drip, drip longer than necessary anymore.
5. INCREASED SANCTIONS ON OWNERS WHO FAIL TO PAY MAINTENANCE CHARGES:
Don’t play play. Quickly pay!
If you live in a condominium or apartment, you and your neighbours each own a piece, or “parcel”, in the building. Hence, the building would have to be subdivided, and you each get a separat…
