Strata experts back state government’s defects bond plan | Owners Corporation Network

Strata experts back state government’s defects bond plan

The NSW state government’s proposed 2 per cent defects bond on new apartment blocks – as a security fund to ensure building defects can be fixed – has been welcomed by strata professionals, with most believing it’s a much-needed protection for home buyers. On Wednesday Minister for Innovation and Better Regulation Victor Dominello announced the new measures, which are expected to come into effect next year.
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