Terminating Strata Schemes Reform for WA
Owners of strata schemes will soon have a more transparent and easier to understand process to terminate their schemes under the Strata Title Act Reform WA 2016.
Key Points
- Currently owners have three ways to terminate a scheme:
- Unanimous resolution
- One owner can apply on behalf of most agreeing owners
- One owner applies on their own
- This reform will make the termination process more transparent, safeguard owners and require a review to assess the situation before any majority termination is approved.
- The State Administration Tribunal (SAT) will undertake a procedural and fairness review before any termination is approved.
- The SAT will consider the financial impacts, views of every owner, tax and stamp duty impacts and condition of buildings to ensure they reach a just and equitable decision in regards to the termination.
- Any termination must compensate every owner, whether that is by receiving full market value, removal costs, loss of business compensation or by providing a replacement apartment.
Video About Terminating Strata Schemes
Source: Landgate
Jurovich Surveying
For strata issues and expertise in Perth and regional WA, please contact us.
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