The Real Estate Institute of Western Australia (REIWA) said changes to the 1985 State Ownership Act could help the industry adapt to the changes housing preferences.
The strata reforms, which are expected to take effect next month, will also introduce new land development options that can help boost state economic growth, according to REIWA.
REIWA said the changes will help improve buyer information, dispute resolution and the plan termination process.
As part of the changes, agents will be required to provide buyers with an exhaustive list of information using a single form. The list will include the following:
Estimated contributions to the levy on the strata over a period of 12 months
The latest statement of accounts for the stratum regime
Any amount already owed to the strata society by the current owner of the lot
The minutes of the last annual general meeting of the strata company or of any extraordinary general meeting held since
A complete set of plan regulations
Information on any termination proposal received by the strata company
With regard to disputes, the State Administrative Court (SAT) will have more extensive powers to oversee and enforce regulations.
The changes to the strata laws will also provide a more equitable plan termination process, allowing majority approval in certain plans. With these changes, plans with four lots or less should have a unanimous decision for termination to continue. For plans with more than five lots, guarantees should be in place before terminating. The SAT will conduct an independent review if there are dissident owners.
The reforms will also introduce a leasehold stratum title, which is a system of built-up strata or survey strata whose duration is between 20 and 99 years. Plans for the layered lease plans can be filed with Landgate.
REIWA has stated that it will be used to provide affordable housing in strategic locations.
For more information on the changes, click here. To view the changes, see the following links: Strata Titles Act and Strata Titles Act General Regulations.
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