The Law Reform Commission has heeded the request of the Cayman Islands Real Estate Brokers Association to extend the consultation period on comprehensive strata titles reform for an additional month, to 12 April.
Beginning in January 2009, the commission has been working to review and update the Strata Title Registration Law (2005 Revision). The original strata legislation was enacted in 1973 and is based on Australian statute from the 1950s.
Comprehensive reform
The commission’s discussion paper and first draft bill were made public in April 2011. However, the first bill was never officially brought before the Legislative Assembly for consideration. The commission has put together a second bill that incorporates the provisions in the first bill and also covers all other areas of strata regulation.
The new strata bill was put out for comment in January. The original deadline for comment was 11 March.
However, at the behest of the real estate brokers association, the commission extended the deadline an additional month.
Cabinet tweaks the law
According to an advertisement that ran in the Caymanian Compass on Monday, the association said, “The revision in its current form, by and large, is a vast improvement and contains many good provisions.
“Unfortunately, right in the midst of the review process, an Amendment was hastily passed by the Legislative Assembly without any real study that we are aware of, which changed numerous aspects of the Law, some of which were completely against the public input the committee had already received.”
The association highlighted the change to the law that allows stratas to demolish and redevelop Seven Mile Beach condos with a 75 per cent supermajority vote – rather than a unanimous vote as was formerly required.
The association described the change as “a direct and retroactive attack on individual property rights”.
According to the association, “It essentially takes away rights previously guaranteed to all condominium purchasers. And to make matters worse, this change has never been publicized!”
The Compass reviewed the amendment in a story in late May 2012 when the bill was before the Legislative Assembly.
At the time, commission director Cheryl Neblett said the bill comprised proposals by Cabinet and was separate from the commission’s ongoing work.
Comments on the comprehensive strata titles reform bill and discussion paper can be submitted in writing to the commission at First Floor, dms House, Genesis Close, or sent by e-mail to [email protected]
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