Unit Titles Act 2010 Developers and Disclosure

Unit Titles Act 2010 Developers and Disclosure The impact of the Unit Titles Act 2010 on developers Disclosure requirements in general are introduced in a previous blog.  What follows is an analysis of the specific implications for developers and the additional “turnover disclosure” that is relevant when a development is completed.  Pre-contract Disclosure Pre-contract disclosure…

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Layered Developments under the Unit Titles Act

 Here is a recent newspaper article discussing layered developments under the Unit Titles Act.  Debra Dorrington (If you would like to hear when our next webinar on The Unit Titles Act 2010 will be, go to www.alexanderdorrington.co.nz/webinars)  

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Are body corporate management contracts ultra vires?

We have written previously about body corporate rules considered ultra vires by the Courts.  Contracts entered into beyond the powers conferred by the body corporate rules will be void and unenforceable.  On 21 February 2011 the High Court gave its judgement as to whether or not the body corporate secretarial services contract and management contract…

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Unit Title regulations

The start date for the new Unit Titles Act draws ever closer but remains unknown. We are still waiting on regulations that are needed to make the Act workable. The NZ Law Society was recently involved in discussions with the Department of Building and Housing regarding just what the regulations will say. Those discussions are confidential but there…

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Weathertight Homes – Financial Assistance Package

Another interesting bill was proposed just before Christmas, the “Weathertight Homes Resolution Services (Financial Assistance Package) Amendment Bill”.  If passed this would enable people with leaky homes to settle with the Government and Council for up to 50% of their repair costs. A lot of the commentary has dismissed the 50% contribution as inadequate. Council’s…

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What’s looking likely for the regulations to the Unit Titles Act 2010?

Cabinet has agreed what the regulations to the Unit Titles Act 2010 will cover. It appears we will be given a mix of regulations (prescribing mandatory requirements) and consumer guidance documents (to enable the minimum requirements to be added to if a body corporate wishes to). This is to enable certainty or flexibility, depending on…

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Disclosure and the Unit Titles Act 2010

 The UTA2010 requires 3 disclosure statements to be given by the seller of a unit to a buyer of a unit. These are: • The pre-contract disclosure statement – to be given before an agreement for sale and purchase is entered into • The pre-settlement disclosure statement – to be given no later than 5 working days before settlement…

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Earthquakes, Insurance and Unit Titles

Just what does happen to insurance money if your unit title is damaged and a claim is made on insurance?  There is a statutory obligation on each body corporate to insure all buildings and other improvements for replacement value.  The insurance must cover demolition costs and architects fees and must relate to damage caused by:…

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Which body corporate rules are ultra vires?

This is a brief look at body corporate rules found to be ultra vires by the Court to date.  Ultra vires is latin for "beyond the powers".  These are body corporate rules that go beyond those allowed under the Unit Titles Act 1972.  You can expect a similar approach from the Courts to rules under the Unit Titles Act…

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Transition under the Unit Titles Act 2010

Once the UTA 2010 commences, there are transitional arrangements that apply for 15 months.  This is a short summary of the options, useful for a body corporate secretary/manager. Body corporate rules – a body corporate can either keep its existing Schedule 2/Schedule 3 rules or elect for the rules to be replaced with the operational rules under…

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Getting to know the new Unit Titles Act.

 Today we ran our first webinar introducing  the Unit Titles Act.  It was aimed at those who have a body corporate secretary role and examined the requirements of the transitional provisions.  We will be running more webinars over the months to come.  If you would like to be told when they are scheduled click here…

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Buying a Unit Title

 A potential purchaser recently asked just what they should look out for when buying a unit title.  I am sure they did not expect a list that was quite as long as I had in my mind but there are a lot of things to take into account.  Here is a summary of some of…

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