Industry Reforms the Building Bond Scheme
Further industry reforms have taken effect 1 January 2018 (Building Bond Scheme) where Developers of residential Strata schemes will be required to execute Mandatory Defect Inspection Reports along with lodging a Building Bond equal to 2% of the final contracted construction cost of the building.
The building bond scheme applies to building work to construct residential or partially-residential strata properties that are four or more storeys. Buildings that are three storeys or under are covered under the Home Building Compensation Fund.
We thought it would be worthwhile to remind yourselves of these changes which I’m sure your already up to speed with these reforms, if not you can find more information on Fair Trading NSW website below and or speak with your property lawyer.
James Okkerse
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