This seminar covers the provisions of the Unit Titles Act 2010 and what you need to think about when you are buying into a Unit Title development.

1. Simon Collett and Ben Eagleson

2.  RULES
 POWERS AND DUTIES OF BODY
CORPORATE
 PRINCIPAL UNIT AND COMMON
PROPERTY BOUNDARIES
 DISCLOSURE REGIME
 MINORITY AND MAJORITY RELIEF
 DISPUTES RESOLUTION

3.  New Zealand’s property market complex
 Proliferation of apartment complexes
 Previous regime inadequate
 The 2010 Act is now in force

4.  Rules as prescribed by Regulation
 Body Corporate can amend the
operational rules
 Changes can be made by Ordinary
Resolution

5.  The 2010 Act introduces two new
concepts
 Building Elements
 Infrastructure
 Body Corporate’s responsibility
 Owner’s responsibility

6.  Long Term Maintenance Plan
 10 years
 Basis for levies
 Long Term Maintenance Fund
 Operating account
 Will require a higher standard

7.  Body Corporate Committee
 Chairperson calls meetings
 Quorum 25%
 Majority can apply for relief

8.  Ownership Interest (OI) and Utility
Interest (UI)
 UI is the same as the OI by default
 Body Corporate can change the default

9.  Register
 Meetings
 Operational rules
 Delegation to committee
 Establishing funds
 Establishing Long Term Maintenance Plan
 Imposing levies
 Accounting
 Insurance
 Repair and maintenance

10.  Principal Unit
 Car Parks
 Common Property
 Owners own the Common Property as
tenants in common in shares
 A Body Corporate can sell part of the
Common Property

11.  No contracting out
 Pre-contract Disclosure Statement
 Pre-settlement Disclosure Statement
 Body Corporate certificate
 Buyer may delay settlement if no disclosure
 Buyer may cancel Agreement if no
disclosure

12.  Now a comprehensive process
 Any person who voted against may
apply
 Confirming failed Special Resolutions
 Time periods

13.  Increase in Unit Title disputes
 Act prohibits alternative dispute
resolution
 Tenancy Tribunal
 District Court
 High Court

14. The Regulations cover:
 Register of Owners
 Meetings
 Chairperson
 Voting
 Operational rules
 Delegation of duties
 Election of committee
 Financial management
 Disclosure