Updated Rules for Strata and Residential Property Managers
Updated rules for strata managing agents and real estate agents including assistant agents commenced on 1 September 2022.
The laws incorporated feedback from the public consultation in June and July this year on the Property and Stock Agents Regulation 2022.
The new Regulation will keep existing rules plus provide further consumer protection and a reduced administrative load for agents.
There is also a new additional rule that applies to strata managing agents and their assistant agents.
NSW Fair Trading is giving agents a six-month transition period to adjust to the changes from 1 September 2022 to 1 March 2023
What are the New Rules?
Here we explain some changes for strata and residential property managers under the Regulation:
Strata Managing Agents
- Strata managing agents are now required to cooperate when transferring functions to a strata scheme or community land scheme
- This applies in situations where the agent’s contract has ended, and the scheme has decided to self-manage.
- Clarifying the duties of assistant agents performing business agent or on-site residential property manager functions
Residential Property Managers
- Changing the disclosure of material facts requirements –when dealing with residential tenancy agreements, agents only need to disclose the material facts outlined in the Residential Tenancies Regulation 2019
- Clarifying the duties of assistant agents performing business agent or on-site residential property manager functions
For more information about the changes and what this means for you, visit NSW Fair Trading Property and Stock here or call Fair Trading on 13 32 20.
Contact Us
For all strata law advice including by-laws, building defects and levy collections contact our specialist NSW and Sydney strata lawyers here or call 02 9562 1266, we’re happy to assist.