Stage 8: Completion

• use any money it receives from the building bond to rectify the defective building work identified in the final report within a reasonable time.
• give the developer written notice of the completion of the rectification of the defective building work.
• return to the developer any leftover building bond after the defective building work is completed.

Time from start to completion

Excluding the time it may take the owners corporation to rectify any defects mentioned in the final report, this whole process should be completed within 3 years from the date of any occupation certificate.

These events can affect that timeline:

1. Applications for variations: the developer, owners corporation or building inspector, may have made an application to the Secretary (i.e. Fair Trading) to vary the times for reports and other matters.
2. Reviewable decisions: some decisions by Fair Trading are reviewable decisions. This may result in the timeline being altered.
3. NSW Civil and Administrative Tribunal orders: a developer, Fair Trading or the owners corporation can apply to the Tribunal for orders as to access and contract price specifying the contract price for building work to determine the amount to be secured by a building bond. This may result in the amount of the building bond provided by the developer, being varied.