Effective 1 January 2018, the SBBIS was introduced to Secure Developer Funds that can be used to Rectify Defects on New Apartment Buildings Four (4) Storeys or Higher.

Under the SBBIS, Developers of New Apartment Buildings 4 Storeys or Higher must pay a Building Bond to NSW Fair Trading equal to 2% of the Total Price Paid or Payable of all Contracts for the Building.

This Building Bond must be used to Fix Defects identified during the SBBIS Building Inspections. If not needed, the Bond is returned to the Developer.

To learn more and keep up to date with the latest property trends contact Michael, Principal Buyer’s Agent at Real Property Buyers.

Email – [email protected]
Phone – 0402 897 083