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 new residential or mixed strata schemes has been deferred to 1 January 2018. This means that the 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. Please see link to our most recent article on this here.
A bill has been introduced to NSW Parliament, the Electronic Transactions Legislation Amendment (Government Transactions) Bill 2017, which, if passed, will delay the commencement of the new building bond and defect inspection regime until 1 January 2018. See link to the legislation here.
There is speculation that this is linked to delays in the preparation of the new national standard for the inspection of group title buildings, AS4349.2.
It is hoped that this delay will allow for the fine tuning of the scheme, but with multiple delays in commencement, has the legislative enthusiasm evaporated?
Please see further information on the proposed regime here.
Author: Christine Jones
Christine Jones, Partner - Construction & Infrastructure (Dispute Resolution)
T: +61 2 8083 0477
Cameron Sheather, Partner - Planning, Property & Environment
T: +61 2 8083 0461
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