218. Expired agency agreements | OCs investing money | new COVID regulations
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This week, Reena joins me to discuss:
- the precarious position in which agents and buildings are left when an agency agreement unexpectedly expires
- how buildings can invest surplus funds (and why not all banks are the same)
- the new COVID regulations for NSW strata schemes: your need-to-know summary.
Links mentioned:
- Get the transcript here!
- Section 50 – Term of appointment of strata managing agents – Strata Schemes Management Act 2015 (NSW)
- Fair Trading (NSW) List of Approved deposit-taking institutions
- Section 75 – Investment of money in administrative fund or capital works fund – Strata Schemes Management Act 2015 (NSW)
- Section 78 – Accounts of Owners Corporation – Strata Schemes Management Act 2015 (NSW)
- Section 58 – Strata managing agent may be required to provide information about trust account and other accounts – Strata Schemes Management Act 2015 (NSW)
- Episode 209. NSW Property Industry Reforms: How are Strata Managers Impacted?
- Part 11 – Response to COVID-19 pandemic – Strata Schemes Management Regulation 2016 (NSW)
- Fair Trading – Strata and community schemes COVID-19 guidance
- Property and Stock Agents Act 2002
My feeling is that anything goes on Strata Schemes and nothing happens to the Strata Managers who do not do the right thing.
The Strata Manager should inform the Owners Corporation that they are not their Strata Manager and tell them to get the books from them. I am sure that a previous Strata Manager did the right thing and informed us . At the beginning we were charged for items that we did not get services from but later because one of the committee members was checking the invoices we got the money back. But that is not the case with the present strata manager who was previously compulsory appointed Strata Manager by the CTTT for 6 months. I did not want their appointment but couldn’t do anything about it because there were 2 owners and a proxy (the proxy did not know what she was voting for) against me.
Thanks Amanda and Reena!!