At times we encounter information outside of tax and accounting that could benefit property investors. A recent example is an update to the Unit Titles Act 2010, now in effect. The changes to the Act may impact owners or anyone buying or selling unit titles in New Zealand.
Here are the key updates:
- Governance: New regulations strengthen the governance of body corporates, ensuring greater transparency and accountability for owners.
- Disclosure: Stricter disclosure obligations now exist, making sure prospective buyers have detailed information before purchasing a unit title.
- Dispute Resolution: The updated act improves dispute resolution processes, giving owners and residents better avenues to address issues.
These changes aim to improve transparency and efficiency in the management of unit title properties, which can be essential for making informed investment decisions.
Read more about these changes at unittitles.govt.nz.
