A list compiled by Auckland Body Corporate of terms and commonly asked questions by Body Corporate owners.
• Financial statements
• Maintenance of the common property
• Long term maintenance plan
• Election of Chairperson and Committee
• Building manager report
The Chairperson must call the AGM in accordance with the UTA 2010 Regulations. Click here for more
That utility interest is then used to calculate the share of levies paid. If a separate utility interest is not set by the body corporate, then the utility interest is the same as the ownership interest for the unit.
The body corporate may access any unit to carry out repairs and maintenance to common property, or to building elements and infrastructure which serve more than one unit. Access to units must be at reasonable times.
1. Pre-Contract Disclosure Statement, which the seller provides to any potential purchaser before entering into an agreement for sale and purchase
2. Pre-Settlement Disclosure Statement, which the seller provides the purchaser after entering into an agreement for sale and purchase but before settlement of the sale
3. Additional Disclosure Statement, which the purchaser may request from the vendor at the purchaser’s cost
It is compulsory for a vendor to provide both the Pre-Contract Disclosure Statement and Pre-Settlement Disclosure Statement.
WHAT DOES THE LAW SAY:
A Body Corporate has a statutory duty to maintain insurance cover.
The Unit Titles Act, Section 136(1), requires a Body Corporate to “Insure and keep insured all buildings and other improvements on the land to their full insurable value”. Know more…..
The act allows for disputes to be heard in the Tenancy Tribunal, providing the amount claimed is not in excess $50,000.