He said: “Developers will now be required to lodge a building bond equal to 2% of the contract price with NSW Fair Trading.
“The building bond can then be provided to owners’ corporations to rectify any defects – protecting consumers from developers walking out on dodgy or unfinished work.”
The Scheme will enhance NSW Fair Trading’s ability to verify the contract price provided by a developer via an independent assessor.
Minister Kean added: “There will also be a mandated independent building inspector so everyone involved can have confidence that they’re getting a fair go.
“The inspections and reports document will also ensure a consistent approach to the identification and rectification of defects across NSW.”
For more information about the Strata Building Bonds and Inspection Scheme here.
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