Termination The Next Big Thing for Strata

By January 16, 2012 Uncategorized No Comments

On the agenda for strata law reform this year is the trendy topic of termination.

It’s trendy to talk about termination of strata schemes because it’s a big picture issue when so many things in strata are not.

Entering the debate on this topic enables one to talk about other trendy topics like sustainability, urban renewal and new design paradigms.

The fact is that termination debate has been had. No more talk is needed. Everything has been said.

We know buildings are aging, we know they have been badly cared for, we know that getting approval from every owner to knock them down is impossible, we know that most other civilized countries have reduced the threshold for a termination resolution to 80% and we know how they go about protecting those who do not want to participate in the redevelopment.

What remains is for a decision to be made. It is a difficult decision. Will our state governments require individuals to sell their homes against their will if a super majority of their co owners want to redevelop?

My opinion: sharing walls, floors and ceilings necessarily involves compromise. This should extend to calling time.

State governments and local authorities will continue to choke on this pill. Quite possibly they will reform all the laws that don’t need reforming and leave the one that does. It will be up to us to navigate owners through demolitions and redevelopments.

Reform or no reform; renewal is the next big thing in strata.

Want to get in touch? Contact me