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Contract between a strata manager and a developer for pre-registration services.
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A bespoke up-to-date building management agency agreement template and proposal, tailored for your firm.
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An agreement from the owners corporation to owners or occupants to supply amenities, such as, electric vehicle charging infrastructure, telecommunication services, window cleaning, garbage disposal and recycling services.
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Posted 24 April 2018
Category: Building Defects
Divisions 3 (sections 207-211) of the Strata Schemes Management Act 2015 (NSW) (SSM Act 2015) introduces a building bond scheme for new multi-storey buildings (defined as three or more storeys) from 1 January 2018. The defect bond scheme applies to:
From 1 January 2018:
Consequences for Owners CorporationsÂ
There is a limited time for the owners corporation to make a claim to the Building Bond Secretary for sums in the building bond for rectification costs.
If the owners corporation and the developer are in agreement over the rectification sums, a claim must be lodged with the Building Bond Secretary appointed by the Department of Fair Trading no later than 14 days from the last day the building bond must be claimed or realised.
The last day to claim or realise a building bond is:
If the owners corporation and the developer are not in agreement over the rectification sums to be paid from the bond, the Building Bond Secretary will typically nominate a quantity surveyor to determine the sum. The costs of the quantity surveyor is usually split between the owners corporation and the developer.
The Building Bond Secretary may vary the sums to be paid from the bond if it was found the owners corporation had unreasonably refused access to the developer or builder to perform rectification works.
Accordingly, owners corporations must be aware the imposition of the building bond scheme will carry commercial consequences beyond the stated requirements in the legislation, and should implement sensible measures to rectify issues in newly completed strata buildings with developers and builders.
A protracted dispute with the developer or a failure to claim within the timeframes may jeopardise the prospects of recovery under the bond.
***The information contained in this article is general information only and not legal advice. The currency, accuracy and completeness of this article (and its contents) should be checked by obtaining independent legal advice before you take any action or otherwise rely upon its contents in any way.