How-to Assign Management Rights

HubSpot Video

 

Key Takeaways

Our top 3 takeaways for the how-to of assigning management rights – whether you are on the committee or the management rights holder/holder-to-be: 

 

Keep Your Eyes on the Prize  

Never lose sight of the fact that management rights are a valuable part of your strata scheme and thus, the value of your investment in it. Well-run caretaking services add tremendous value to your building while services that are hindered by a protracted or difficult assignment can add time, cost and stress. Both sides want things as smooth as possible for the sake of their substantial stake in things.  

 

Get Expert Assistance and Advice 

There are a lot of moving parts in the assignment process and it is therefore easy for mistakes to be made. Those mistakes can end up costing a lot of money. It is imperative that both parties get expert advice in the assignment process. Adjudicators in the Commissioner’s Office have referred to this, in previous adjudication orders. Remember also that expert advice might be engaging consultants who are not lawyers but who can add value in other ways.  

 

Keep it Business-like

It’s very easy to fall into an emotional state of being during assignment, particularly if the assignment is happening relatively soon after the caretaker was engaged or if there have been disputes between the caretaker and committee. Remember, though, that this is very much a contractual situation and should be treated like the transaction it is. Legislation requires things to not be ‘unreasonable’ and that means applying a very business-like focus to things.  

 

Download our free guide: Assignment of Management Rights https://offers.hyneslegal.com.au/assignment-of-management-right 

 

Helpful Links 

Transfer fee article - https://hyneslegal.com.au/body-corporate/frequently-asked-questions/so-what-is-a-transfer-fee-anyway/ 
Committee training - https://stratasolve.com.au/services/