Memorials added to Supplementary Record Sheets issued under the Unit Titles Act 1972

Under section 54 of the Unit Titles Act 2010 (the 2010 Act) the body corporate is the owner of and the unit owners are beneficially entitled to the common property.

This is a new concept not previously in the Unit Titles Act 1972 (the 1972 Act).

The common property of unit developments deposited under the 1972 Act is also owned by the body corporate by virtue of section 223 of the 2010 Act.

Under section 47 of the 2010 Act the Registrar-General of Land is required to note that the body corporate owns and the unit owners are beneficially entitled to the common property.

To reflect this concept LINZ ran a script over the weekend of 26 – 27 May, making a memorial viewable from Monday 28 May on all Live and Part-cancelled Supplementary Records Sheets (SRS) for unit developments deposited under the 1972 Act. The memorial displays as follows on both Current and Historic title views:

OWNERSHIP OF COMMON PROPERTY
Pursuant to Section 47 Unit Titles Act 2010 -

  1. the body corporate owns the common property and
  2. the owners of all the units are beneficially entitled to the common property as tenants in common in shares proportional to the ownership interest (or proposed ownership interest) in respect of their respective units.

The above memorial has been added to Supplementary Record Sheets issued under the Unit Titles Act 1972 to give effect to Section 47 of the Unit Titles Act 2010