Strata Reforms On The Money

Strata Reforms On The MoneyThe Property Council has endorsed the package of proposed reforms to WA’s strata laws, which represent the biggest shake-up of the state’s strata titles system since it was introduced 30 years ago.In a submission to Landgate the Property Council said the reforms address a number of fundamental deficiencies in the existing land tenure system, particularly for large scale mixed use property development projects. The introduction of community titles will facilitate a broader mix of housing types, including high density living required by WA’s strategic city plans like Directions 2031. The key reforms, include: the introduction of community titles; leasehold strata schemes; easier pathways for mixed use development and staged development; and termination of old strata schemes by majority vote of owners. The Property Council is working with Landgate on progressing these reforms as well as dealing with some industry concern with planning and disclosure innovations that would create difficulties for strata development, including the introduction of a new mandatory planning approval processes, a mandatory developer disclosure document, and the 24 hour advance notice of vendor disclosure preceding a strata sale.In addition to commenting on proposed strata reforms in the Paper the Property Council is also taking this opportunity to make additional reform recommendations, including the application of leasehold strata schemes to Crown land and reforms to limit settlement risk in off-the-plan strata sales. The Property Council is also recommending that WA’s strata laws need to be reformed to prevent purchasers exiting off-the-plan strata purchase contracts for non-disclosure that has not materially prejudiced buyers.The Property Council is part of a joint industry group that is working with Landgate to prepare a draft Bill for state Parliament by the middle of 2015.To read the Property Council’s submission on the proposed strata reforms, click here.