This question came in from a NSW Lot Owner asking about access to the strata trust account in country NSW. What happens if our sole trader strata manager dies? Leanne Habib, Premium Strata provides the following response.
Question: If our sole trader Strata Manager dies, how can we gain access to our strata trust account?
If you have enjoyed this Q&A post and would like to be kept informed about strata matters, click here to subscribe to our weekly newsletter. You’ll be happy you did.
In country NSW most of the Strata Managers are sole traders (one person). So if the Strata Manager dies, how does the Committee pay bills from the Strata Trust Account?
How does the Strata Committee get hold of its funds held in the Trust Account?
Answer: The Office of Fair Trading no longer administers deceased licensee’s trust accounts, but rather the Office of State Revenue.
The Unclaimed Money Act 1995 (the Act) now applies to unclaimed money held in a trust account under the Property, Stock and Business Agents Act 2002. The Office of Fair Trading no longer administers deceased licensee’s trust accounts, but rather the Office of State Revenue.
This post appears in Strata News #145.
This article is not intended to be personal advice and you should not rely on it as a substitute for any form of advice.
Are you interested in more about access to the strata trust account to strata or information particular to NSW legislation? Visit our FactSheet: Strata Committee Concerns OR FactSheet: Strata Legislation NSW.