A building bond scheme is a legal agreement between owners in a strata scheme to ensure that damages caused by the wrongful conduct of one owner are paid for by the others so that the property remains whole. An inspection scheme is a legal arrangement between properties in a strata scheme that provides an inspection system to monitor its condition and maintenance.
The strata building bond and inspections scheme is compulsory insurance for strata properties. It ensures that if you don't pay your quarterly fees or other charges within the scheduled time, the body corporate will collect money from the owner's property to cover what you owe. If this happens, you will get your bond back with interest. In addition, it includes a warranty that protects against defects in construction and maintenance.
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When you build a strata house, you are required to pay for an inspection on your building before it is completed and occupied. This protects all the owners in the same building from accidents that might occur during construction. This particular inspection covers essential parts of the building such as walls, floors, plumbing pipes, fixtures, and wiring. If any damage is found, then the owner must fix or replace it before the inspection can be passed.
Your property could be at risk from fire, water, and other natural disasters. To protect your assets, consider getting a building bond or an inspection scheme to safeguard you and your loved ones. You may also be able to get a mortgage or home loan to buy other assets. To ensure that you can afford this, get an estimate from a registered mortgage broker to plan your financial future.