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:
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.
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.
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/