The NSW Parliament has passed an amendment to the Strata Schemes Management Act 2015 that will affect the way developers lodge bonds for strata schemes. The Strata Schemes Management Amendment (Building Defects Scheme) Bill 2018 will now require developers to lodge their bond before applying for an occupation certificate and agree with the owner’s corporation on the amount to be released for rectifying any defects within the building. In addition, there are increased penalties for failing to lodge a building bond and proposed offences for developers that give misleading information about the amount required for the bond.

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