Media Archive / Developers Update – 2 July 2020 – Strata Defect Bonds

Developers Update – 2 July 2020 – Strata Defect Bonds

Strata Defect Bonds Legislation Commences

Amendments to the Strata Schemes Management Act 2015 and the Strata Schemes Management Regulation 2016 in relation to strata defect bonds commenced yesterday on 1 July 2020. Key changes include:

  • Developers must lodge the building bond before an application is made for an occupation certificate. Previously, it was only lodged before the occupation certificate was issued
  • Developers must give documents to the building inspector that help with their inspection.
  • There is a means for the developer and owners to agree on the amount of the building bond to be released for repairs, if they can’t agree.
  • Professional associations are now required to keep and maintain a public register containing details of members of their strata inspector panel.

Further information is available on the Fair Trading Website.