Following the introduction of the Strata Schemes Management Act 2015, many MAA’s will expire at the end of May 2017.
The legislation stipulates that Owners Corporations must be in a current MAA with their managing agent which means no more roll over agreements.
Regulation clause 68 replaces clause 14 (1) in schedule 3 of the Act as regards to the term of appointment of a strata managing agent.
Regulations 68 is best outlines as follows:
Please remember an extension would require a formal resolution at a strata committee meeting and the extension cannot go beyond the date of the next AGM. Furthermore, if the Strata Committee extends the term of appointment they must provide the agent with 1 month notice of its decision not to reappoint or further extend agreement.
Vital Strata Management are offering Owners Corporations a free review of their current MAA’s and advice on how best to navigate through the complexities of changing strata managing agents.
Contact Vital Strata today!
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