Tweet
Hi Guys
The following item is of interest to those of you who have investment flats and apartments etc.
Item source is
Regards
The following item is of interest to those of you who have investment flats and apartments etc.
Review of the Unit Titles Act 1972
The Unit Titles Act 1972 is being reviewed. There is a discussion document available, and feedback and submissions are being called for.
Unit title developments are apartments, flats, townhouses, office blocks, shopping centres and other building developments where multiple owners own a type of property know as a unit title as well as property common to the development. The titles give ownership to a unit in a building rather than a property right based first and foremost on ownership of land.
The Unit Titles Act covers the technical and legal aspects of creating and dealing with a unit title, and the rights and responsibilities of a body corporate – the collective of all owners in a unit title development that manages the building development and the common property. Thirty years ago, when the Act was first introduced, unit title developments were new. Now the variety of ways in which these units are used, and their scale, has changed considerably. So too have their numbers. In Auckland the number of people living in unit title property is forecast to rise from around 45,000 today to 500,000 within the next fifty years.
This review of the 1972 Act is therefore timely. It will assess if the legislation is still appropriate to manage the issues that have arisen since it was first passed, and its ability to provide for intensive, but sustainable, development.
The review is also part of a government package of reviews in housing-related and building areas. For instance:
the new Building Act 2004 improves control of, and encourages better practice in, building design and construction
the current Residential Tenancies Act review canvasses whether the Act continues to appropriately balance the needs and obligations of landlords and tenants
the building code, a housing strategy for New Zealand, and programmes and protocols dealing with sustainable cities and urban design are also being reviewed or developed.
The Review of the Unit Titles Act 1972 discussion document has been written to inform interested individuals, organisations and professionals of the government’s review, and to seek feedback on three broad issues:
unit titles: technical and legal aspects of creating, changing and administering a unit title
bodies corporate: the need to have one; different types; voting and decision-making; role, duties and functions; financial responsibilities; relationships with developers, members, owners and purchasers; resolving disputes
other forms of shared ownership such as cross-leasing and flat-owning companies.
Specific questions are asked in each of these areas, but we welcome comment on other relevant issues.
To request hard copies of the discussion document contact the Department of Building and Housing on ph 0800 83 62 62 or email [email protected]. Submissions close on 28 February 2005.
Note: the Department of Building and Housing1 has taken over responsibility for building-related policy from the Ministry of Economic Development [http://www.med.govt.nz/buslt/bus_pol...ta/index.html] from 1 November 2004.
Unit Titles Act Discussion Document
Link to UTA Discussion Document [also available in PDF format 110 kB]
The Unit Titles Act 1972 is being reviewed. There is a discussion document available, and feedback and submissions are being called for.
Unit title developments are apartments, flats, townhouses, office blocks, shopping centres and other building developments where multiple owners own a type of property know as a unit title as well as property common to the development. The titles give ownership to a unit in a building rather than a property right based first and foremost on ownership of land.
The Unit Titles Act covers the technical and legal aspects of creating and dealing with a unit title, and the rights and responsibilities of a body corporate – the collective of all owners in a unit title development that manages the building development and the common property. Thirty years ago, when the Act was first introduced, unit title developments were new. Now the variety of ways in which these units are used, and their scale, has changed considerably. So too have their numbers. In Auckland the number of people living in unit title property is forecast to rise from around 45,000 today to 500,000 within the next fifty years.
This review of the 1972 Act is therefore timely. It will assess if the legislation is still appropriate to manage the issues that have arisen since it was first passed, and its ability to provide for intensive, but sustainable, development.
The review is also part of a government package of reviews in housing-related and building areas. For instance:
the new Building Act 2004 improves control of, and encourages better practice in, building design and construction
the current Residential Tenancies Act review canvasses whether the Act continues to appropriately balance the needs and obligations of landlords and tenants
the building code, a housing strategy for New Zealand, and programmes and protocols dealing with sustainable cities and urban design are also being reviewed or developed.
The Review of the Unit Titles Act 1972 discussion document has been written to inform interested individuals, organisations and professionals of the government’s review, and to seek feedback on three broad issues:
unit titles: technical and legal aspects of creating, changing and administering a unit title
bodies corporate: the need to have one; different types; voting and decision-making; role, duties and functions; financial responsibilities; relationships with developers, members, owners and purchasers; resolving disputes
other forms of shared ownership such as cross-leasing and flat-owning companies.
Specific questions are asked in each of these areas, but we welcome comment on other relevant issues.
To request hard copies of the discussion document contact the Department of Building and Housing on ph 0800 83 62 62 or email [email protected]. Submissions close on 28 February 2005.
Note: the Department of Building and Housing1 has taken over responsibility for building-related policy from the Ministry of Economic Development [http://www.med.govt.nz/buslt/bus_pol...ta/index.html] from 1 November 2004.
Unit Titles Act Discussion Document
Link to UTA Discussion Document [also available in PDF format 110 kB]
Regards