It's official: With the passing of the obscurely named Electronic Transactions Legislation Amendment (Government Transactions) Bill 2017, the commencement of the building bond and defect inspection report regime for residential or mixed strata schemes has been deferred to 1 January 2018.
This means that the new regime will not apply to building contracts for new residential or mixed strata schemes signed on or before 31 December 2017. The regime had been scheduled to take effect from 1 July 2017.
NSW Fair Trading has updated its building bond page to explain that the delay is due to putting in place the procedural and professional requirements to support the regime.
This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.
