Unit Titles: Consider This

Provided here is a checklist of questions you should ask and matters that you should consider if you are contemplating the purchase of an Auckland City Apartment.  Some of these issues may seem simple enough but you would be surprised how often these sorts of matters are missed or ‘glossed over’ during the purchase negotiations and Purchaser’s later deeply regret not having undertaken an adequate amount of due diligence before they bought their apartment.

  • What are you buying? (Look at the unit plan and make sure that the unit that you think you’re buying is actually the one that the contract refers to.  Also look at the carpark, storage and access areas to make sure that the right units are described).
  • Is the unit is freehold or leasehold?
  • What easements or restrictions impact on use of the unit? on use of the common property?
  • Have the rules been properly created.  That is, are they lawful?
  • What is the unit entitlement that attaches to the principal and accessory units.
  • What will happen if the unit plan is ever cancelled and what rights do others have to change the property or your use of it?
  • What obligations go with the purchase of this unit?
  • Read the rules and make sure you can live with these rules.
  • View the budget and understand your financial obligations.
  • Are there significant expenses anticipated for the future?
  • View all minutes of the body corporate and fully understand the issues that has arisen.
  • Understand your voting rights and the obligations that go with them.
  • Who manages the development and how well do they do it?
  • Does the manager live onsite?
  • Is there a sinking fund and is that adequately used?
  • Is there a long term maintenance plan?
  • Are all the other owners paying their levies?
  • How are decisions made that affect the development?
  • Have all code compliance certificates issued?
  • Does the LIM record anything of concern?
  • Is a current building warrant of fitness required? Is it on display?

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