New NSW strata renewal legislation

If you are an owner of a lot or multiple lots in a strata scheme or are intending on buying up multiple lots in a strata scheme, even if you do not hold over 75% of the lots and unit entitlements in the scheme, you can still form a "bloc" in the scheme to gain some control over how a vote will be cast, on motions relating to any potential collective sale of the whole strata scheme.

If you or a group of owners hold more than 25% of unit entitlements in a strata scheme, you or the group of owners will have the ultimate control over any attempt of a different buyer to purchase the whole strata scheme.

Without the support and vote of the 'owners' bloc', the special resolution required to approve the distribution of a strata renewal plan to the lot owners for consideration will not be achieved, effectively blocking the purchase.

Having this level of control means that you have the power to either support or block a purchase of all lots in the scheme.

It may be in yours or the group's best interests to support a vote and this can be decided as a group prior to the general meeting at which the vote will be cast, but if it is not in your best interests at the point in the process when a 'special resolution' is required, you will be in a position to block this resolution.


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Jason Gwerder
Friday, 24 May 2019

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