Strengthening the governance for Unit Title Properties

Source: Otago Daily Times 18-07-2011
Business bites: Reforms in unit title ownership laws open doors
After years of consultation and discussion, much needed reform of the unit title ownership regime in New Zealand has finally been implemented.
Unit title ownership has been embraced more enthusiastically in centres such as Auckland, Wellington and Queenstown, where apartment complexes and mixed-use commercial-residential buildings are more common.
The concept of unit title ownership allows owners to privately own an area of a building and share common property with other unit owners.
What is often not well understood is that this concept of individual and shared ownership brings a bundle of rights and responsibilities which differs significantly from traditional house and land ownership.
Unit title developments require a body corporate management structure to ensure decisions affecting the development can be made jointly by the unit owners.
Click here to read the full article.
Click here for a quick guide to the Unit Titles Act 2010: (Came into effect June 20th, 2011).

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