NSW Strata Reforms – Introduction of the new Building Defect Bond Scheme
Developers and builders of residential and mixed use high rise strata buildings are being urged to familiarise themselves with the introduction of the Building Defect Bond Scheme introduced under the new Strata Schemes Management Act 2015 (NSW) (the Act). The Building Defect Bond Scheme will commence on 1 July 2017, and will require developers to lodge a bond with NSW Fair Trading equal to two percent of the contract price for residential and mixed use high rise strata buildings. Read the article…………..
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