Changes to Unit Titles - NZ
There has been a number of changes over the recent years that have an affect on units, apartments and their titles.
The "Unit Titles Act 2010" improves on the 1972 Act in a number of ways, including:
1. Clarifying what a principal unit actually is.
2. Streamlining the processes involved in building a development of units or apartments.
3. Creating a more flexible system for calculating how much a unit owner should contribute to the body corporate funds.
4. Now stating that the body corporate owns what is known as the "common property".
5. Clarifying the rights and responsibilities of unit owners and bodies corporate.
6. Creating more efficient and transparent governance and management structures.
7. Lowering the voting numbers for most body corporate decisions.
8. Providing for clearer disclosure of issues for buyers and sellers, developers, and bodies corporate.
9. Providing a more effective dispute resolution service through the Tenancy Tribunal.
So what - how does this all affect me you might ask?
If you own, or are considering buying, a property that has a unit title, then there a few factors that may affect you.
For those thinking of buying, there are a number of points you might want to know.
1. What insurance is there, and is it adequate for the whole of the unit development?
2. Is there anything ฝากขายอาคารพาณิชย์ in the Body Corporate rules that is contrary to the Schedules of the Act?
3. Are there any unpaid levies, as these need to be paid before settlement?
4. Are any accessory units rented out - like garages or car parks?
5. Is the title clear of any dealings relating to common property?
For those who own a unit, there are a few things you need to do.
1. Comply with laws and bylaws relating to use of the unit.
2. Carry out any work ordered by the council.
3. Repair and maintain the unit so you avoid damage to common property or other units.
4. Have consent from the Body Corporate before any additions or alterations are done.
5. Allow access from agents of the Body Corporate at reasonable times for inspections, maintenance checks, repairs to common property and that rules are being adhered to.
For those thinking of selling a unit, some of the things you need to do are:
1. Ensure all rates, fees and taxes related to the unit are paid.
2. That Form 18, the Pre-contract Disclosure form, is prepared, completed and obtained from the Body Corporate before the unit is listed for sale.
3. That a Pre-settlement disclosure form is completed and made available for the purchaser before the settlement date.
4. If the unit is rented and managed, that all keys, swipes and appliance manuals are available.
5. That all parking areas, lockers and storage areas are identified.
The changes create a more transparent unit title that requires owners to provide people with information that was not as easily available before.
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