New strata laws and building bond regime are set to commence

The building bond scheme applies to strata developments over 3 storeys and requires the developer to provide the Office of Finance with a bond equal to 2% of the price for the building work. The bond must be provided prior to the issue of the occupation certificate for the strata scheme. The purpose of the bond is to guarantee the rectification of defective building work by the developer.    Read the article……………