Strata Building Bond and Inspections Scheme (NSW)
nounstra·ta build·ing bond and in·spec·tions schemepronounced STRAH-tə BIL-ding bond and in-SPEK-shənz skeem
Last reviewed 16 April 2026
What does the noun Strata Building Bond and Inspections Scheme (NSW) mean?
A NSW regulatory scheme requiring developers of apartment buildings of 4 or more storeys to lodge a bond equal to 2% of the construction contract price. The bond is held for 2 years and funds rectification of defects identified through mandatory independent inspections at 15-18 months and 21-24 months after the occupation certificate is issued.
How the noun Strata Building Bond and Inspections Scheme (NSW) is used
The developer lodged a 2% bond under the Strata Building Bond and Inspections Scheme, and the independent inspector found waterproofing defects that were fixed before the bond was released.
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MLA citation: "Strata Building Bond and Inspections Scheme (NSW)." How to Property, 16 Apr. 2026, https://howtoproperty.com.au/definitions/strata-building-bond-and-inspections-scheme-nsw. Accessed 29 May 2026.
Chicago citation: How to Property. "Strata Building Bond and Inspections Scheme (NSW)." Last modified April 16, 2026. https://howtoproperty.com.au/definitions/strata-building-bond-and-inspections-scheme-nsw.
APA citation: How to Property. (2026, April 16). Strata Building Bond and Inspections Scheme (NSW). https://howtoproperty.com.au/definitions/strata-building-bond-and-inspections-scheme-nsw