New South Wales Consolidated Regulations

PROPERTY AND STOCK AGENTS REGULATION 2022 - SCHEDULE 4

SCHEDULE 4 – Rules specific to strata managing agents and assistant strata managing agents

section 8

1 Co-operation about records, access and transfer

(1) If an agent is acting on behalf of a person in the management of a property and is advised by another agent that the other agent (the
"new agent" ) has been engaged to act on behalf of the person in the management of the property, the agent must co-operate with the new agent--

(a) in relation to access to the records of the person, including by making the records reasonably available, according to law, and

(b) by facilitating the transfer of management functions between the agent and the new agent.

(2) Subsection (3) applies if an agent is acting on behalf of an owners corporation or association in the management of a property and is advised by the owners corporation or association that--

(a) the agent is no longer to act on behalf of the owners corporation or association, and

(b) no other agent is being appointed.

(3) The agent must co-operate with the owners corporation or association--

(a) in relation to access to the records of the owners corporation or association, including by making the records reasonably available, according to law, and

(b) by facilitating the transfer of management functions between the agent and the owners corporation or association.

2 Confirmation of specific instructions--strata managing agent

(1) Before or at the time of entering into an agency agreement under which an agent will exercise the functions of a strata managing agent, the agent must prepare written confirmation of the matters referred to in subsection (2) for inclusion in the agency agreement.

(2) The written confirmation must state the extent of the agent's authority to exercise the following functions and the limitations, if any, on the agent's authority to exercise the functions--

(a) undertaking the financial management of funds and books of account,

(b) holding documents and maintaining records relating to the scheme, including the strata roll and notices and minutes of meetings,

(c) arranging building inspections and reports,

(d) effecting repairs to and maintaining common property, or engaging an appropriately qualified tradesperson for this purpose, including details of limitations on expenditure that may be incurred by the agent without obtaining the approval of the person on behalf of whom the agent is acting,

(e) paying disbursements and expenses incurred in connection with the agent's management of the scheme,

(f) arranging insurance cover for the scheme,

(g) serving notices to comply with a by-law,

(h) managing the capital works fund and the administrative fund,

(i) undertaking steps necessary to recover money owing in relation to levies,

(j) representing the owners corporation or association in tribunal or court proceedings,

(k) paying accounts in relation to the scheme, including accounts for water charges, council rates and maintenance,

(l) arranging and undertaking administrative duties in relation to annual general meetings and other general meetings.