There’s a tried and tested process for transferring Management rights.
Whether you are a buyer or a seller it’s wise to follow that process.
strata law
Article: A Recipe for Failure
Making a successful Adjudication Application has just gotten a lot harder. If you lodge an Adjudication Application with the Commissioner, be careful what relief you ask for, and how you ask for it. If you get either of those things wrong, then your Application may be thrown out.
Just like baking a cake you have to follow the recipe…
Read the Article – A recipe for failure
Tip 60 – By-laws – Copy to tenants
Under the Residential Tenancies and Rooming Accommodation Act 2008 the by-laws of the Community Titles Scheme are both terms of the residential tenancy agreement and they must be given to the tenant by the landlord when the tenant is given the agreement for signing. Adjudicators have found that a by-law requiring a copy of the by-laws to be given to all tenants (whether short or long term) by their landlords, is lawful. So, whether you are letting through an agent on a 2 year lease, or overnight through Air BnB, the best policy is to ensure that your tenant gets a copy of the by-laws, upfront.
Tip 60 – Post Settlement Issues – Post settlement land tax
If your contract was written correctly, then there should have been either no land tax adjustment required at settlement or a minimal adjustment. The Office of State Revenue is pretty good at updating the database these days and accordingly post settlement land tax problems are now much reduced. If you get a land tax bill, check the contract and if you are liable pay, then do so as soon as possible.
Tip 60 – Selling – Get draft contracts prepared
It’s better to be optimistic than to lose a buyer because you’re too slow. In a hot or rising market, even the best solicitors can take a couple of days to prepare your sales contracts. While the use of offer and acceptance documents is now almost ubiquitous, they are almost always (for good reason) not binding. A lot can happen in those 2-3 days while the contracts are being prepared, not the least of which is cold feet. As soon as you’re on the market, get your lawyer to prepare draft contracts so that they are ready and waiting to use.
