January 6, 2010
Strata Property Act Changes
The Strata Property Amendment Act received Royal Assent on October 29, 2009. That means changes will be coming soon once regulations are passed.
Some of the important changes are the audition of the financial statement by a qualified person, Depreciation Reports accessible to owners and buyers, separate fund account for Special Levies, improvements for disputes, and lower percentage of votes for resolutions. For potential buyers, changes also mean clarifications on areas such as rental restrictions of strata units, age restrictions, disclosure of parking and storage. At the moment, the above issues sometimes cause confusion and misunderstanding among buyers and sellers. As soon as changes are passed, I will update.
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