WHO SHOULD READ THIS
- Anyone involved in residential building works in New South Wales.
THINGS YOU NEED TO KNOW
- The new defects bond scheme (Scheme) under the Strata Schemes Management Act 2015 (NSW) will now commence 1 January 2018.
The Electronic Transactions Legislation Amendment (Government Transactions) Bill 2017 (NSW) (Bill) has now been approved by NSW Parliament. The Bill defers the commencement date of the defects bonds scheme (Scheme) under the Strata Schemes Management Act 2015 (NSW) to 1 January 2018.
The delay to the commencement date gives industry participants a further 6 months to ensure compliance with the new Scheme. NSW Parliament indicated that the principal reason for the delay is due to a delay in the finalisation of a new national standard 'AS4349.2 – Group titled properties' to be issued by Standards Australia. Importantly, the new standard will form part of the defect inspection report contemplated under the Scheme.