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Legal (Page 5)

Legal articles relating to legislation, disputes and civil suits

In: Body Corporate, Legal

Contributed By: Short Punch & Greatorix on

Every day, we read of the power that is wielded by elected persons around the world, either as a result of our democratic process or somebody engineering themselves into being the head of government. It is an interesting concept of democracy that we are all willing to exercise a voting right to put a person in power and then that power can be wielded with quite a degree of discretion and decision making by that person. Then you get the complete opposite where a government will not move to make a decision without a referendum or a plebiscite from the people giving it a directionRead More →

In: Accounting and Finance, Body Corporate, Facilities Management, General Interest, Legal, Motels and Hospitality, The Management Rights Market

Contributed By: Nick Buick on

We are thrilled to launch our Industry Recommended Professional program! Below is a Q&A explaining the program, its benefits and how it works. What Is the Industry Recommended Professional program? Our industry has entered an age where the quantity of suppliers is great, but often the quality of work offered is not. Managers and prospective managers expend considerable time and money in their efforts to source professional service providers who understand this industry and specialise in it. The Industry Recommended Professional program allows such service providers to rapidly and easily distinguish themselves as authorities both trusted, and respected in our Management Rights industry. It isRead More →

In: Legal, The Management Rights Market

Contributed By: Short Punch & Greatorix on

Something has got to be done about the “industry” that is developing, or has already developed, around the process of a body corporate giving its consent to an assignment of Management Rights Agreements (Caretaking and Letting Agreements for Schemes). This harmful industry has sprung up from the activities of some Body Corporate Managers, Solicitors and so-called “experts” in assessing the merits of the assignee, when a party is buying the management rights and the selling manager seeks the consent of the Body Corporate. The job of the committee of the body corporate is simply to check the material submitted by the assignee, have an interviewRead More →

In: Accounting and Finance, Legal, The Management Rights Market

Contributed By: Short Punch & Greatorix on

ARTICLE BY JOHN PUNCH Ever since management rights sales began some 38 years ago, the standard method for calculating a sale price has been to apply a multiplier to the net operating profit of the business, for a one year period preceding, but ending as close as possible to the signing of the contract. Some lawyers and accountants are now proposing to allow for adjustment of the sale price at settlement to take account of any lots that may leave the letting pool between the signing of the contract and the day before settlement. Generally, we find that as soon as we inform any sellersRead More →

In: Legal, Motels and Hospitality

Contributed By: Short Punch & Greatorix on

When the original Body Corporate and Community Management Act 1997 was drafted, it contained a provision that made it illegal for a Body Corporate to seek, or accept the payment of an amount, or conferral of a benefit for itself for the engagement of a person as a Service Contractor (“Caretaker”) or authorisation of a person as a Letting Agent.  These ultimately became Sections 113 and 115 of the Body Corporate and Community Management Act 1997, in which they are also extended to cover replacement or renewals of any engagements or authorisations. The provisions worked well to protect Caretakers and Letting Agents from being heldRead More →

In: Body Corporate, Legal

Contributed By: Small Myers Hughes Solicitors on

Licensing A NSW owners corporation may engage a licensed strata managing agent to help manage their strata scheme. Unlike the position in Queensland, only a person who is licensed (under the Property, Stock and Business Agents Act 2002) can be appointed. What are their responsibilities? An owners corporation can choose the responsibilities of their appointed strata managing agent in negotiating the contract with them (apart from where the owners corporation’s powers cannot be delegated). A strata managing agent cannot: delegate their powers, authorities, duties or functions to others; set the contributions to be paid by the owners; make a decision on a restricted matter (aRead More →

In: Landlords, Tenants, Renting and Management, Legal

Contributed By: Nick Buick on

Under new rules announced on the weekend by the Andrews government, tenants in Victoria will now access a raft of new rights and liberties at the expense of landlords and managers. Among such new laws, landlords are no longer allowed to solicit for higher bids above the advertised rental price on a listing. Bonds will be shrunk to no more than 4 weeks (which is the same as in QLD). Landlords will also be unable to issue a notice to leave at the conclusion of a lease, without a specific reason. By far the biggest shake-up, however, comes in the form of changes to theRead More →

In: Body Corporate, Legal

Contributed By: Short Punch & Greatorix on

The extent of services which a body corporate is authorised to provide, and in some cases, must provide, to lot owners, is limited to those set out in the Body Corporate Community Management legislation. Building managers have to be careful that the duties set out in their Caretaking Agreements with bodies corporate, do not stray outside these limits. Section 169 (1) of the Small Module Regulations, and Section 167 (1) permit bodies corporate to provide certain types of services, which are not otherwise covered in the legislation.   Sub sections 2 and 3 of these Sections also provide the body corporate:- must have an agreement withRead More →

In: Body Corporate, Legal

Contributed By: SMALL MYERS HUGHES LAWYERS on

Every lot has areas within them that are common property. Consequently, owners wanting to make changes or undertake renovations may require approval from the Owners Corporation and this will depend on the type of renovation required. Renovations fall into three categories: Cosmetic changes – Includes installing or replacing hooks, nails or screws for hanging paintings or other things on common property walls; installing or replacing handrails within your lot; painting; and filling minor holes and cracks in internal walls. Lot owners can do cosmetic work within their lot without seeking approval from the Owners Corporation; Minor renovations – Includes renovating a kitchen; changing recessed light fittings; installingRead More →

In: Body Corporate, Legal, The Management Rights Market

Contributed By: Hynes Legal on

Bush lawyers abound out there in strataland. Someone heard from someone else that someone did something or got something and then that becomes the rumour that bounces around endlessly becoming the little spot fire that we then need to put out individually with clients when they ring to ask us: ‘I got told THIS — can we do that too?’ Valuers have it worse though. ‘So and so down the road got 5.6 times for their business so that means mine is worth 5.8 times.’ Leaving aside it was never contracted at 5.6 times in the first place, usually what has happened is the accountantRead More →

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