Ready or not, here it comes – Strata Schemes Management Act to Commence 30th November 2016

30th November has been announced as the commencement date for the new Strata Schemes Management Act 2015.

Draft Regulations to support the Act were exhibited and the end of April 2016 with consultation closing on 27 May 2016, but but have not been finalised. This leaves strata managers, software developers, solicitors assisting the industry, and Owners Corporations themselves very little time to prepare.

Indeed, many Agency Agreements recently entered into by Owners Corporations and Strata Managing Agents will extend well beyond the transitional provisions, but had to be drafted without the benefit of finalised legislation.