Question: I paid a $500 bond for renovations 18 months ago. The work is now complete and has been signed off. I’ve requested a refund of the bond. Our strata manager says it cannot be repaid till the next AGM in a few months. Is this correct?
Answer: Review the precise terms of your by-law.
You should review the precise terms of your by-law as that will set out the procedure for having your bond (or part thereof) refunded. The by-law may state that the owners corporation must be satisfied you have complied with your works by-law but usually the by-law will state that the strata committee can authorise its release (provided it is satisfied you’ve complied with the by-law).
Despite the above, it seems an inordinate delay for you to have waited almost 2 years and you should press the strata manager/strata committee for reimbursement.
This post appears in Strata News #631.
Leanne Habib Premium Strata E: info@premiumstrata.com.au P: 02 9281 6440