1 April 2021
Strata Managers as Fiduciaries
A paper by Gary Bugden OAM. April 2021. Preliminaries 1. Coverage In this paper I will consider: what we mean by a “fiduciary”; how to determine if a fiduciary relationship…
Changes to the residential tenancy laws in NSW start on 23 March 2020, with amendments to the Residential Tenancies Act 2010 (the Act) and the new Residential Tenancies Regulation 2019 (the new Regulation).
The changes cover the following key areas:
The most important change for strata schemes, owners and tenants relates to the information that must be disclosed to prospective tenants. From 23 March 2020, before a tenancy agreement is signed, a landlord or agent will need to give a tenant a copy of the strata scheme’s by-laws. They will also need to inform the tenant if a strata renewal committee is currently established for the scheme (i.e. the scheme has received a proposal to undertake a collective sale or redevelopment known as a strata renewal). These changes provide greater protection for prospective strata tenants and are additional requirements to the general disclosure obligations.
A summary of the changes can be found can be found here.