The new legislation is administered by the Office of the Registrar General (ORG) and with NSW Fair Trading and may be viewed on the NSW Legislation website.
The new laws have significant implications for the preparation and lodgment of strata plans and dealings. See ORG Circular and a series of New South Wales Land Registry Services Announcements on these issues.
The reforms introduce the collective sale and renewal process. This provides owners of freehold strata lots with an alternative way to end their strata scheme by agreeing to a plan allowing for the 'collective sale' or ‘redevelopment’ of their strata complex in circumstances where not all (but at least 75%) of owners agree. There are several key stages which must be followed, with a number of significant safeguards to ensure the interests of owners, particularly those who are in dissent, are protected.