When putting a management agreement in place, are you confined to 1 year, 2 years or 3 years? Can you say have an agreement for 17 months, if the committee desires it? – Ronnie, NSW
Management agreement limits vary depending on the type of property. If the strata scheme’s first annual general meeting has been held, then the maximum limit an agreement can be held for is three years.
Normally agreements are signed for a period of one, two or three years. However there is no prevention for an agreement to be held for “x months” (i.e. 17 months) provided that the owners and strata manager mutually agree to the terms.
This decision must be made by the owners Corporation at a general meeting (not by the strata committee at a committee meeting alone).