As the Management Rights industry has evolved over the years, it has become increasingly common for managers not to own a lot in the scheme they manage. This has had a flow on effect which means that managers regularly do not hold a right to put a motion on the agenda...Read More
When you buy a Management Rights business, one of the assets you should acquire at the time is all the equipment used by the seller to perform the duties under the caretaking and letting agreements. If the seller was a hands-on building manager, depending on the...Read More
CANCELLATIONS – WHO GETS PAID? In a post Covid world there appears to be far more inconsistency in the industry when it comes to short-term operators charging cancellation fees when bookings are cancelled. After a couple of years of significant pressure to not...Read More
In a post Covid world there appears to be far more inconsistency in the industry when it comes to short-term operators charging cancellation fees when bookings are cancelled. After a couple of years of significant pressure to not charge any cancellation fees and...Read More
Selling your business can be very stressful as you juggle the demands of both the business buyer and the owners in your strata scheme, while at the same time being under the time pressure of a looming settlement date. One way you can significantly reduce this stress...Read More
SAME, SAME – BUT DIFFERENT? TOP UPS AND EXERCISING OPTIONS Tenure is critical to the success and value of your Management Rights business. The length or duration of your agreements is usually called the “term” and your “total term” might be a single period, e.g....Read More
There are different kinds of strata meetings in NSW. Annual General Meetings The owners corporation in every strata scheme must hold at least one meeting every year. This is called an annual general meeting (AGM). Owners will discuss finances at AGMs. They will vote...Read More
If an owner proposes to make an improvement to common property, there are circumstances where the usual improvement approval requirements in the regulation modules will not be enough. Disposition Where an improvement proposed to be made to common property by an...Read More
Earlier this year, the Fair Work Commission found that a director and employee of a caretaking company were bullied at work and ordered each member of a body corporate committee, including any new members of that committee in the future, to undergo anti-bullying...Read More
Different States have different requirements when it comes to obtaining Body Corporate consent to the assignment of Building Management Agreements and Letting Agreements. Obviously, an approval at Committee level will be dealt with much quicker than an approval...Read More
