AFTER 13 years of discussion and deliberation on how to resolve/minimise the issues faced by strata-property owners and tenants, relevant parties finally came to a resolution on Jan 11.
The Valuers, Appraisers and Estate Agents Act 1981 (Act 242) is now recognised as the Valuers, Appraisers, Estate Agents and Property Managers Act 1982, following an amendment which was passed on Oct 17 last year and gazetted in January.
The shift from this amendment and what it constitutes is expected to be of benefit to many, especially strata-titled property owners and tenants.
However, as in any change of regulations, the outcome, whether "plus or minus", will only surface down the line. What is important is that those involved in administering, regulating and monitoring the enactment of the "rules of the system" will need to be super efficient and have their eye on the ball to ensure the plan pans out as expected, or even better.