Levies are assigned based on the ownership interest or utility interest of the particular unit. The operations of the body corporate are paid for by levies on all owners. These rules must be registered and non-registered rules do not have legal effect. The body corporate can set rules governing the use of the common property (for example, an owner who causes damage must repair it) and the units (for example, no keeping pets or making noise after a certain time), and for the regulation of the body corporate. The body corporate is responsible for maintaining the common property and the structure of the building (if this duty is delegated by the owners), and for insuring the common property and the building structure. A unit plan must be deposited with Land Information New Zealand and new titles issue in respect of each principal unit. Ĭreation of a unit title is a type of subdivision and so requires the approval of the relevant territorial authority under the Resource Management Act 1991, as well as under the Unit Titles Act 2010. As New Zealand uses the Torrens System of indefeasible titles, the title for a Unit Title has a title for the Principal Unit, showing the legal description of the Principal Unit and any Accessory Units and any legal document registered against those units (called an interest) a Supplementary Record Sheet, showing the rules of the body corporate, its registered address and any interests registered against the underlying land and the survey plan, which shows the boundaries of the units and the common property.Ī person purchasing a unit title purchases a Principal Unit, which is designed as a place of business or residence any accessory units included in the title for the principal unit, such as car parks and storage lockers and a beneficial interest in the common property, such as corridors, air ducts, building structure and entry ways and membership in the body corporate, which is composed of all unit owners and which legally owns the common property. Ī Unit Title can be either a Stratum in Freehold, where the owners own the underlying land, or Stratum in Leasehold, where another person owns the land and the body corporate pays rent to that person. There are 145,000 unit title dwellings in New Zealand. In New Zealand, Strata Title, commonly called a Unit Title, is created by the Unit Titles Act 2010. Common Property is defined as everything else on the parcel of land that is not comprised in a Lot, such as common stairwells, driveways, roofs, gardens and so on. Lots are either apartments, garages or storerooms and each is shown on the title as being owned by a Lot Owner. Strata Title Schemes are composed of individual lots and common property.
Other countries have legislation based on similar principles but with different definitions and using different mechanisms in their administration. Other countries that have adopted the Australian system (or a similar variant) of apartment ownership include: Canada ( Alberta, British Columbia), Fiji, India, Indonesia, Malaysia, New Zealand, the Philippines, Singapore, South Africa and the United Arab Emirates. This term also applies to house-type strata title units in Australia. Previously, the only adequate method of dividing ownership was company title, which had a number of defects, such as the difficulty of instituting mortgages. Strata title was first introduced in 1961 in the state of New South Wales, Australia, to better cope with the legal ownership of apartment blocks.
The word "strata" refers to apartments being on different levels. Strata title is a form of ownership devised for multi-level apartment blocks and horizontal subdivisions with shared areas. For other uses, see Strata (disambiguation).
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