Unit title ownership is an alternative form of land and building ownership. Unit titles enable a single block of land to be used simultaneously by several owners in a variety of ways.
Each unit title on a property will include a Principal Unit- this is your primary ownership interest and is generally a specified space bounded by walls, ceiling and floor of a particular building.
It may also include an Accessory Unit- this is any area, such as a car park, garage or garden, specifically set aside for the use of the owner of a principal unit.
Any shared facilities such as common driveways, swimming pools or tennis courts are referred to as Common Property and may be used by all owners.
All of the owners of the units constitute the Body Corporate- the body responsible for management of the property. The Body Corporate is responsible for a number of duties including;
- insuring the property
- maintaining the proerty
- compliance with local authority requirements
- managing administration funds
If you require further information please contact us at Pirie Consultants, by using the contact form on the left.
All information has been sourced from the Unit Ttiles information brochure, avaliable from the offices of Pirie Consultants or by contacting the New Zealand Institute of Surveyors