Transitional period over for unit titles
The transitional period for bodies corporate ended on October 1.
There are more than 18,000 unit title developments in New Zealand. Most of them are residential.
As of the start of this month, every body corporate had to have prepared a long-term maintenance plan, must have established a long-term maintenance fund, unless it passed a special resolution not to and must understand its new obligations, such as maintaining common areas and any part of the property that serves more than one unit.
It should have reviewed and changed its operational rules, otherwise default rules will apply.
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