A strata building bond inspection for 17 units was conducted today at Willoughby, NSW. The strata building bond and inspections scheme was introduced in January 2018. This scheme includes a building bond by the developer encompassing mandatory defect inspections and reports on the development by an independent building inspector. It promises a structured, proactive process that instantly resolves building issues in addition to being cost effective, early in the life of the building.
The scheme requires developers to organize and lodge a building bond with NSW Fair Trading equal to 2 percent of the contract price for the building work. The building bond must be lodged prior to issuing the occupation certificate. The building bond secures funds (up to the amount of the bond) facilitated to pay for any defective building work that’s identified in the final inspection report. The developer is responsible for the appointment of the building inspectors.
We at Effective Building & Consultancy will inspect the premises and prepare an interim report no earlier than 15 months and no later than 18 months after the completion of the building works. A final report will be issued no earlier than 21 months and no later than 2 years after the completion of the building work. We are a member of the strata inspector panel (SIP) which is established by the regulation and therefore can perform the role of a building inspector to conduct interim and final inspections and provide the reports as mandated in the Act.
For more details of Strata Building Bond & Inspections Scheme, visit our latest blog on: https://www.effectiveconsultancy.com.au/bond-scheme/