30Strata renewal proposal

30 Strata renewal proposal

30 Strata renewal proposal

(1) For the purposes of section 156 (2) of the Act, a strata renewal proposal must include the following—

(a) the warning notice set out in subclause (2),

(b) the name and address of the person giving the proposal (the proponent),

(c) details of the financial interests (if any) that the proponent has in any of the lots in the strata scheme,

(d) a general description of the proposal and the purpose of the proposal,

(e) how the proposal will be funded,

(f) an estimate of the total cost (including application fees and legal fees) of obtaining an order from the court to give effect to the strata renewal plan,

(g) whether the proponent will provide any monetary contributions (whether initial or continuing) towards the reasonable costs and expenses incurred by the strata renewal committee or owners corporation in relation to the following—

(i) preparing a strata renewal plan,

(ii) obtaining specialist consultant reports,

(iii) obtaining an order from the court to give effect to the plan,

(h) if the proponent is to provide any monetary contributions, what (if any) security (such as cash, bond, bank guarantee) will be provided,

(i) the potential (if any) for owners to buy back into the development following the collective sale or redevelopment,

(j) if the proposal is for a collective sale of the strata scheme—

(i) an indicative sale price and an explanation of how that price was determined and the distribution of that sale price on current unit entitlements, and

(ii) the proposed timetable for the collective sale, including a proposed completion date and the proposed date by which owners will be required to vacate premises forming part of the scheme,

(k) if the proposal is for the redevelopment of the strata scheme—

(i) details of the proposed terms of settlement that are to be offered to each lot owner, and