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Previously the Unit Titles Act 1972 governed these unit title developments. Recently the Unit Titles Acts 2010 was enacted and came into force mid-2011. According to the Department of Building and Housing the new act focuses on:
The majority of changes to the Unit Titles Act will affect property owners rather than tenants. However many of these changes may affect how body corporates are administered which may impact on body corporate and/or building rules and regulations, so tenants may see some changes. The Residential Tenancies Act now requires body corporate and/or building rules and regulations to form a part of all tenancy agreements in order to increase tenant awareness about issues. One interesting clause (Section 81 of the Unit Titles Act) is that if owners are leaving the country for more than three consecutive weeks they must appoint an agent in New Zealand and advise the body corporate of the agent’s details. Another change that industry experts await clarification on is Section 171 which governs the jurisdiction of the Tenancy Tribunal. This may provide access through the Tenancy Tribunal for owners wanting to take body corporates or neighbouring owners to the Tribunal. Other changes include vendors needing to comply with increased disclosure to purchasers. There will no doubt be costs to both vendors and purchasers as part of this process. If you have an apartment, flat or unit that falls under the Unit Titles Act then it is important that you find out how these changes may affect you. Your body corporate manager should be able to confirm any changes at your next AGM. If you don’t attend these meetings then it is important that you request copies of the AGM minutes as well as copies of any updated building rules and regulations. If you are not informed then your tenants won’t be informed. You can view a copy of the Unit Titles Act 2010 here. Land Information NZ (LINZ) has also published an Interim Guideline for the Unit Titles Act 2010. Allen Realty is a 100% specialist Auckland Residential Property Management company with a growing network of local branches in Mt Eden, Auckland CBD, Greenlane and Manukau. Visit www.allenrealty.co.nz for information on our services or email simonallen@allenrealty.co.nz for more information. Or you can contact us today for a FREE Property Management Consultation and find out how we can structure a tailored management service to suit your requirements. You can read other recent blogs including Listen To Your Tenants, Rodents in Your Rental Property?, Rent Arrears—What is the Process?, Negotiating Tenancies, The Tenant Selection Process, The Art of the Rent Review, Smoke Alarms in Rental Properties, A Landlord's Preparation for Winter, Reduce Moisture—Reduce Vacancies, Low Maintenance Gardens in Rental Properties and How Many Tenants on an Agreement?
Simon Allen | Allen Realty Ltd
FAQs about Auckland Property Management
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In unit title properties an investor owns a specific part of the building, such as an apartment or car park, and other parts of the building may be shared ownership such as lifts, lobbies, pools and gyms. This is a common set up in most residential apartment buildings and a body corporate is appointed to administer these common areas. A body corporate manager should be appointed and this is a specialist role which should be managed by an experienced and reputable organisation. A body corporate manager should be an expert in the Unit Titles Act to ensure that the building and individual owners meet necessary obligations.
