It’s official, with the passing of the obscurely named Electronic Transactions Legislation Amendment (Government Transactions) Bill 2017, the commencement of the building bond and inspection report scheme for strata schemes has been deferred to 1 January 2018.

This means that the scheme will not apply to building contracts signed on or before 31 December 2017. The scheme had been scheduled to take effect from 1 July 2017.

NSW Fair Trading has updated its building bond page building bond page to explain that the delay is due to putting in place the procedural and professional requirements to support the scheme.