Can a strata manager operate a trust account without a signed agreement?

NSW
Management & Agreements
question
Lookupstrata community member

Can our strata manager legally operate our trust account without a signed contract? We are considering changing strata managers, so the committee has not signed the contract.

answer
Leanne Habib headshot
Leanne Habib Premium Strata

The strata manager should not be operating your trust account without a signed strata management agency agreement.

Legally, the strata manager should not operate your trust account without a signed strata management agency agreement. The extent of the agent’s authority and any limitations on the agent’s authority to undertake their duties is set out in the written instrument, as required by the Strata Schemes Management Act, 2015 (NSW) and the Property and Stock Agents Regulation, 2022 (NSW).

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