Changes in the Unit Titles Act 2010
The Unit Titles Act 2010 has replaced the earlier legislation and brings with it changes in the way your Body Corporate is administered and maintained.
Some of the changes in the management of your Body Corporate will be:
Unit Entitlements are now known as Ownership Interests and may result in changes to the way that levies are set,
The Tenancy Tribunal will hear most disputes,
A new rolw, being the Chairperson of the Body Corporate has been created,
Body Corporate committees have new powers and duties,
The financial regime of a Body Corporate has changed,
It is easier to get quorums at Body Corporate meetings. Voting can be by means of one vote per unit or by a poll,
There is now a range of compulsory matters that are to be decided by a Body Corporate by special resolution,
All resolutions for consideration at a general meeting must be written into the agenda,
The Body Corporate must have a long-term maintenance plan,
Overseas owners must appoint a New Zealand based owner’s agent,
The disclosure regime for buyers and sellers and developers has been considerably extended,
The Body Corporate must maintain the exterior of the building, the roof, and the building’s main elements and its infrastructure.
Questions? Talk to the Strata team!
If you have any questions regarding the impact of the new legislation on your Body Coporate, you are welcome to contact Strata for advice. We specialise in the administration of Bodies Corporate.