Question: 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: 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).
This post appears in Strata News #679.
Leanne Habib Premium Strata E: info@premiumstrata.com.au P: 02 9281 6440