On 20 June 2011 the Unit Titles Act 2010 and the Unit Titles Regulations 2011 came into effect. The most widely understood form of a unit title is an apartment consisting of ownership of part of a building together with a share in the common property. Unit titles are used for retail and commercial properties, as well as hotels and apartment blocks, and are also commonly used in smaller two, three and four unit developments.
The new legislation has brought many changes to the unit titles regime, some of which are outlined below.
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Owners of forestry land need to be aware of decisions they should make this year under the Climate Change Response Act 2002. The Act was created to enable New Zealand to meet its international obligations to reduce carbon emissions.
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In the current economic climate there are, unfortunately, increasingly more tenants unable to pay the rent on their leased commercial premises or who are breaching some other covenant under their lease. This article outlines how a landlord can cancel a lease in the event of default by the tenant and how landlords can best protect themselves from being left out of pocket.
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