{"id":9824,"date":"2016-11-14T01:00:28","date_gmt":"2016-11-13T14:00:28","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=9824"},"modified":"2016-11-14T01:00:28","modified_gmt":"2016-11-13T14:00:28","slug":"strata-laws-change-garth-brown","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/strata-laws-change-garth-brown\/","title":{"rendered":"Strata laws change &#8211; Garth Brown"},"content":{"rendered":"<p>&nbsp;<br \/>\nStrata laws are changing and they will have an impact on the millions of people living in strata properties in NSW. The new strata laws take effect from the end of this month \u2013 November 2016 so if you own a Strata property in New South Wales you will need to understand the changes and we give you an overview today. Also these laws are likely to spill over into other Aussie states.<\/p>\n<h4><\/h4>\n<h4><strong>Transcript:<\/strong><\/h4>\n<p><b>Kevin:<\/b>\u00a0 The next interview is a New South Wales-only story, but it\u2019s a major story because as we\u2019ve seen sometimes, what happens in one state is going to then maybe run around to all the other states, as well.<br \/>\nJust by way of introduction, I\u2019m going to talk to Garth Brown from Brown &amp; Brown Conveyancers about the major strata law changes that are taking effect in New South Wales from the end of November.<br \/>\nGarth, thank you very much for your time.<br \/>\n<b>Garth:<\/b>\u00a0 Thanks, Kevin.<br \/>\n<b>Kevin:<\/b>\u00a0 These changes, as I said, take effect on the 30<sup>th<\/sup> of November. Just give us a bit of an overview about what some of the key changes are in this legislation.<br \/>\n<b>Garth<\/b>:\u00a0 Probably eight of the most significant ones are to do with overcrowding, parking, pets, smoking, renovations, proxy harvesting, and collective sales. There\u2019s one on defects bonds, which is really interesting and this is coming into effect on the 1<sup>st<\/sup> of July, 2017.<br \/>\n<b>Kevin:<\/b>\u00a0 What is the defects bond? Tell us about that? How is that going to impact landlords?<br \/>\n<b>Garth:<\/b>\u00a0 With a lot of apartment buildings going up in Sydney over the last 20 years, there are a lot of people moving into apartments. What they\u2019ve found, and what I\u2019ve found with my conveyancing work, is that these buildings are quickly whacked up, put together haphazardly \u2013 not all of the, but some of them \u2013 developers get out of there and after settlement, say, within the first three years after settlement, all of these defects start to appear in buildings.<br \/>\nLo and behold, all of these developers have either left or they just push it back and make it so hard to try and rectify.<br \/>\n<b>Kevin:<\/b>\u00a0 I\u2019ve heard a lot of those stories, particularly out of New South Wales, for some reason. What\u2019s going to happen? How does the defects bond work?<br \/>\n<b>Garth:<\/b>\u00a0 It\u2019s interesting for everyone to know about this. Actually, the developer will have to place a bond of 2% of the value of the building to cover any potential defects after completion.<br \/>\n<b>Kevin:<\/b>\u00a0 It\u2019s likely that 2% is probably going to be tacked onto the purchase price, I would have thought. Developers will add that to the figure?<br \/>\n<b>Garth:<\/b>\u00a0 Probably will spread it out across the apartment building, yes.<br \/>\n<b>Kevin:<\/b>\u00a0 It\u2019s logical that that would happen, but I guess the upside, therefore, is for owners. If they know that 2% bond is there, that\u2019s going to help them with any defects, as you said, that may emerge.<br \/>\nWhat are some of the major defects? Is it to do with water getting in and leaking?<br \/>\n<b>Garth:<\/b>\u00a0 Water penetration is a big one. You have cracks in walls. You have a settlement: as the building starts to settle, you get cracks in walls, pipes start to break. Or maybe the floor or the ceiling just haven\u2019t been done, haven\u2019t been constructed property. Tiling hasn\u2019t been tiled property, or the glue hasn\u2019t been in the right consistency.<br \/>\n<b>Kevin:<\/b>\u00a0 This is coming in on the 1<sup>st<\/sup> of July next year, which means that any new buildings after that period, once they\u2019ve been registered, this bond will have to be in place?<br \/>\n<b>Garth:<\/b>\u00a0 Definitely. Yes.<br \/>\n<b>Kevin:<\/b>\u00a0 There\u2019s no retrospectivity on this, at all?<br \/>\n<b>Garth:<\/b>\u00a0 No, not according to legislation here.<br \/>\n<b>Kevin:<\/b>\u00a0 Earlier in our chat, you said that the changes that are coming into effect, there are eight major ones: overcrowding, parking, the defects bond \u2013 which you just told us about \u2013 pets, smoking, collective sales, renovations, and proxy harvesting.<br \/>\nOne that interests me that I think will also interest a lot of people too is about pets. What\u2019s happening in that area, Garth?<br \/>\n<b>Garth:<\/b>\u00a0 Just at the moment, you have to write for body corporate approval to have a pet in the apartment and it\u2019s not to be unnecessarily withheld \u2013 the consent. With this new regime, they\u2019re trying to make it easier for pet approval.<br \/>\nA lot of people have pets and a lot of people are moving into apartments, but what you find is that there are some really restrictive owners who don\u2019t want pets and will make it very hard to get pet approval.<br \/>\n<b>Kevin: <\/b>\u00a0I\u2019ve actually seen some sales fall over on the fact that they can\u2019t have a pet, so it does mean a lot to a lot of people.<br \/>\nSmoking: does that mean that restrictions on smoking will be tightened a bit?<br \/>\n<b>Garth:<\/b>\u00a0 Yes, there will be restrictions that smoking is to really take place outside of the apartment building.<br \/>\n<b>Kevin:<\/b>\u00a0 All right. They\u2019re the laws that are going to come in place at the end of November, and the one about the defects bond clicks in from the 1<sup>st<\/sup> of July, 2017, and you\u2019re going to see a lot more about that.<br \/>\nJust before I let you go, Garth, I notice on your website, too, that you have a number of e-books that are available. Once again, New South Wales, if you\u2019re looking at any sort of conveyancing, these e-books are absolutely free on your website?<br \/>\n<b>Garth:<\/b>\u00a0 Yes. We have an e-book on buying a property, what to expect, and also on selling a property, what to expect and what documents are required, all designed to try to give you a heads up, relieve stress and the fear of the unknown.<br \/>\n<b>Kevin:<\/b>\u00a0 Mate, it\u2019s a very stressful time, whether you\u2019re buying for investment or you\u2019re buying for a home. The website to go to is Conveyancers.net.au and you\u2019ll find the e-books there, written on the homepage. Garth Brown has been my guest.<br \/>\nGarth, thank you for your time.<br \/>\n<b>Garth:<\/b>\u00a0 Thanks, Kevin. I appreciate it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Strata laws are changing and they will have an impact on the millions of people living in strata properties in NSW. The new strata laws take effect from the end of this month \u2013 November 2016 so if you own a Strata property in&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":9825,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,36,17,22,27],"tags":[101],"class_list":["post-9824","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-property-investment","category-research-topic","category-trends-topic","tag-podcast"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Strata laws change - Garth Brown - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/strata-laws-change-garth-brown\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Strata laws change - Garth Brown - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"&nbsp; Strata laws are changing and they will have an impact on the millions of people living in strata properties in NSW. 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