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Simon Collett and Ben Eagleson
 RULES
 POWERS AND DUTIES OF BODY
CORPORATE
 PRINCIPAL UNIT AND COMMON
PROPERTY BOUNDARIES
 DISCLOSURE REGIME
 MINORITY AND MAJORITY RELIEF
 DISPUTES RESOLUTION
 New Zealand’s property market complex
 Proliferation of apartment complexes
 Previous regime inadequate
 The 2010 Act is now in force
 Rules as prescribed by Regulation
 Body Corporate can amend the
operational rules
 Changes can be made by Ordinary
Resolution
 The 2010 Act introduces two new
concepts
 Building Elements
 Infrastructure
 Body Corporate’s responsibility
 Owner’s responsibility
 Long Term Maintenance Plan
 10 years
 Basis for levies
 Long Term Maintenance Fund
 Operating account
 Will require a higher standard
 Body Corporate Committee
 Chairperson calls meetings
 Quorum 25%
 Majority can apply for relief
 Ownership Interest (OI) and Utility
Interest (UI)
 UI is the same as the OI by default
 Body Corporate can change the default
 Register
 Meetings
 Operational rules
 Delegation to committee
 Establishing funds
 Establishing Long Term Maintenance Plan
 Imposing levies
 Accounting
 Insurance
 Repair and maintenance
 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
 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
 Now a comprehensive process
 Any person who voted against may
apply
 Confirming failed Special Resolutions
 Time periods
 Increase in Unit Title disputes
 Act prohibits alternative dispute
resolution
 Tenancy Tribunal
 District Court
 High Court
The Regulations cover:
 Register of Owners
 Meetings
 Chairperson
 Voting
 Operational rules
 Delegation of duties
 Election of committee
 Financial management
 Disclosure

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The unit titles act 2010

  • 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