One of the key changes in the residential strata space (the building bonds and defect inspection report regime, which will require developers to lodge a bond of 2 per cent of the construction cost, which can be accessed by owners corporations to fund rectification of defects) which was to take effect on 1 July 2017 has now been deferred to 1 January 2018.
This means that building contracts for residential strata that are entered into on or before 31 December 2017 will not be subject to the scheme.
Read more here about the scheme and its deferral.
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