When a unit title development is created a valuer must assess the ownership interest for each unit, which is essentially the relative market value of that unit compared with all of the other units. It’s possible for the body corporate to also establish a separate utility interest for each unit. That utility interest is then used to…
DetailsControl Period and Turnover Disclosure The Unit Titles Act 2010 (UTA) treats a developer as being in control of a unit title development from the date the unit plan deposits until the date the developer or its associates owns or controls less than 75% of the votes in the body corporate. Associates are defined widely and include the developer’s agents, trustees or…
DetailsWhen a unit title development is created a valuer must assess the ownership interest for each unit, which is essentially the relative market value of that unit compared with all of the other units. It’s possible for the body corporate to also establish a separate utility interest for each unit. That utility interest is then used to…
DetailsControl Period and Turnover Disclosure The Unit Titles Act 2010 (UTA) treats a developer as being in control of a unit title development from the date the unit plan deposits until the date the developer or its associates owns or controls less than 75% of the votes in the body corporate. Associates are defined widely and include the developer’s agents, trustees or…
DetailsWhen a unit title development is created a valuer must assess the ownership interest for each unit, which is essentially the relative market value of that unit compared with all of the other units. It’s possible for the body corporate to also establish a separate utility interest for each unit. That utility interest is then used to…
DetailsControl Period and Turnover Disclosure The Unit Titles Act 2010 (UTA) treats a developer as being in control of a unit title development from the date the unit plan deposits until the date the developer (or its associates) owns or controls less than 75% of the votes in the body corporate. Associates are defined widely and include the developer’s agents, trustees or…
DetailsWhat are the proposed changes? Changes are being mooted to retention arrangements. The Government has announced that a "deemed trust" arrangement is their proposed solution to protect subcontractors from circmustances like those that followed Mainzeal’s collapse. Retention funds won’t need to be held in a separate bank account though so whether the funds are truly…
DetailsCommunal land in residential developments is a common and useful way to expand space available to homeowners, giving them the benefits of land ownership without the same burden. It’s common place both in rural areas and increasingly in the urban setting where space is at a premium. The arrangement has some legal difficulties. Historically this…
DetailsThe legal set-up of a new subdivision or unit title development should be treated with as much care as the physical design. It’s very easy to leave a mess – one that is difficult and expensive to resolve. The rights, rules and restrictions that a developer puts in place for the new neighbourhood are generally…
DetailsWith the Unit Titles Act 2010 (UTA), bodies corporate were required to implement a long term maintenance plan. By special resolution, a body corporate could opt out of having a long term maintenance fund. Most bodies corporate have plans. Not so many have funds (or sufficient funds) to cover all the needs of their buildings. More…
DetailsThe Court of Appeal looks at how costs for remedial works should be shared at Auckland’s Shangri-La apartments. Wikipedia notes Shangri-La is meant to be a “permanently happy land”, not so Auckland’s Shangri-La. The Court of Appeal was asked by the body corporate (i.e the owners) to look at: * the cost allocation for remedial…
DetailsNext month the Government will begin to introduce a new Health and Safety (H&S) regime in its bid to achieve a 25% reduction in workplace fatalities and serious injuries by 2020. As a result, most businesses will need to immediately up skill, perform due diligence and then implement the necessary change in order to be…
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