Question: When a strata property is sold, who is responsible for updating the strata ownership records? Is it the vendor or the purchaser’s responsibility?
Answer: This is both the vendor’s and the purchaser’s responsibility.
This is both the vendor’s and the purchaser’s responsibility. During the conveyancing process a “strata interest notice” pursuant to Strata Schemes Management Act 2015 (NSW) – Sections 22, 258 and 259 will be prepared for both parties and is sent by both parties to the Owners Corporation (usually the strata managing agent).
It is very important step for the purchaser, as this document records their entitlement to vote at meetings of the Owners Corporation.
Leanne Habib Premium Strata E: info@premiumstrata.com.au P: 02 9281 6440