Strata building bond scheme changes
What's this about?
The NSW Government is proposing a small set of changes to Part 11 of the Strata Schemes Management Act 2015 which introduced the Strata Building Bond and Inspections Scheme.
Under the scheme, developers are required to lodge a bond of 2% of a building’s contract price with NSW Fair Trading for residential and mixed-use high-rise strata buildings of four or more storeys. The bond can be used to pay the costs of rectifying any defective building work identified through an inspection process required by the Act.
The proposed amendments seek to enhance the ability of Fair Trading to verify the building contract price, on which the 2% building bond is based, and to clarify the role of the building inspector in the scheme.
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Have your say via email by 11 May 2018.