Question: Is it fair for letting pool managers to own units in the scheme and include them in the rental pool?
In June 2023, Frank Higginson responded to an audience member’s question concerning a letting pool manager who rents units from owners and then sub-lets them. What about letting pool managers who own units in the scheme and include them in the rental pool? Is this a fair arrangement? In particular, is this an arrangement the Office of Fair Trading would be interested in?
Answer: The legislation references disclosure of an ‘interest’ in the letting pool.
The legislation references disclosure of an ‘interest’ in the letting pool, so the obligation to disclose applies equally to ownership of units as well as the leasing back of them. I wouldn’t say the OFT is expressly interested in anything more than ensuring that the interest is disclosed.
Frank Higginson Hynes Legal E: frank.higginson@hyneslegal.com.au P: 07 3193 0500
This post appears in the March 2024 edition of The QLD Strata Magazine.