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The strata corporation is strongly advised to obtain independent legal and professional advice.The strata council may also hire a real estate broker to market the property or negotiate an offer from a developer.The ICPA was created by small practice accountants, is run by small practice accountants and is trusted by 1,200 small practice accountants.Help, support and unrivalled knowledge of this sector has aided us to develop the massive range of small practice specific benefits that ensure accountants need never say "I don't know where to turn".Listed below are some other resources if termination is being considered: Often a termination process starts when a developer approaches a strata corporation wishing to buy all the strata lots for redevelopment.Or a strata corporation may be interested in winding up and selling for redevelopment because of excessive repair and maintenance costs.Bare land stratas ("strata subdivisions") may want to terminate as well; this is known as cancelling the bare land strata plan.
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A bare land strata corporation considering termination may wish to transfer responsibility for bare land strata services (e.g. This page provides a basic overview of the strata termination process; it is not a substitute for legal advice.
The termination process has a number of safeguards built in including: advance notification to every owner; an 80% vote of approval from all owners (not a quorum vote from those present, or holding proxies, at a meeting); and court oversight.
