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?
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.
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Leanne is leading the conversation in strata and community management across Australia. With a distinguished career spanning over 25 years and holding credentials as a licensed Strata and Community Manager and Real Estate Managing Agent, Leanne has masterfully redefined the essence of premium strata service. Her approach, honed through years in senior roles within top-tier agencies, is unwaveringly client-focused, ensuring that expectations are not only met but consistently exceeded.
As a pivotal member of the Strata Community Association (SCA) and the CEO of the award-winning Premium Strata, Leanne, together with her team of seasoned strata managers, embodies a commitment to unparalleled service excellence. Beyond steering Premium Strata and Premium Building Management, her influence extends across the property industry as a leading voice. Leanne's insights on legislative updates and industry shifts are invaluable, offering guidance to lot owners on intricate strata matters and fostering effective and informed strata management practices.
Leanne is a regular contributor to Lookupstrata.
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