The commencement of the strata building bond regime has been deferred from 1 July 2017 to 1 January 2018. This means that the regime will not apply if the construction contract (to carry out residential building work associated with a new strata scheme) was signed before 1 January 2018. The regime will apply if the construction contract is signed on or after 1 January 2018.
The NSW Government’s intention to defer the commencement date was first announced some weeks ago and the industry has been anxiously awaiting the passing of legislation confirming the deferral.
That confirmation occurred on 22 June 2017, when the NSW Parliament passed the Electronic Transactions Legislation Amendment (Government Transactions) Bill 2017 (containing the deferral provisions). The Bill was assented to on 27 June 2017 and is now law in NSW.
Please see our Guide to the Strata Building Bond Regime for further information as to how the regime will work.