Regulation key to strata-titled living

Regulation key to strata-titled living
01/07/2005 The Sun By Sujartha Kumarasamy

“LOOK before you leap,” advises Neil Lawson about investing in a strata-titled community.

Lawson, the executive director of Queensland’s Bureau of Land Information and Titles in Australia, says: “Strata-titled communities might not be for everyone. So, it is best to check out how a community is being run. Do your homework… study the statements detailing entitlements, obligations, funding arrangements and management responsibilities.”

Lawson is presenting a paper entitled “Gated Communities and Strata Title Management” at NREC 2005. He notes that there is very little to distinguish gated community management from the management of any other strata-titled community.

Lawson suggests that Queensland’s regulatory framework for strata-titled developments can be a model for the management of strata-titled gated communities. “The model has responded to the needs of the market, consumers and industry and since the 1970s, has continually updated its approach to strata title regulation.

The practical measures provide greater certainty and confidence for all those involved in developing, selling and managing strata-titled communities,” adds Lawson.

He notes that a dispute resolution mechanism will also help iron out problems. “Residents of strata-titled communities in Queensland have access to a dispute resolution service provided at low cost under the legislation.”

Legislative and management frameworks will also boost buyer confidence, says Lawson.

“Comprehensive strata title legislation that addresses the practical problems and concerns of both buyers and sellers can give it a competitive advantage in attracting potential investors. Discerning buyers would want to satisfy themselves that they were happy with the management arrangements for the community that they are thinking of buying into. Communities with ‘hassles’ and bad experiences could suffer by discouraging buyers.”