Archive for the 'Property Management Law' Category
The Unit Titles Act governs unit titles where multiple owners own part of a building in a building development, such as an apartment in an apartment complex, and they may have shared ownership of common areas such as lobbies, pools, gyms and lifts.
It is common for most residential apartment buildings to appoint a body corporate to manage these common areas and they should be proficient in the requirements of the Unit Titles Act in order to ensure regulations governing the unit titles are met.
The first Unit Titles Act was established in 1972 but has recently been updated to the Unit Titles Act 2010 which came into force on 20 June 2011.
Although most of the changes to the Unit Titles Act affect property owners rather than tenants, some of the changes will affect how body corporates are managed, potentially creating a need for changes to the building rules and regulations which in turn will have an impact on tenants.
Click here to read the key changes to the Unit Titles Act.
August 18 2011 | Managing Tenants and Property Management Law | No Comments »
An important aspect of property management is undertaking regular rent reviews. As professional property managers, Allen Realty undertakes rent reviews systematically to ensure rents are at optimum levels. This helps to provide our landlords with the resources required for property maintenance.
It is recommended that reviews take place approximately every six months and include a thorough property market analysis, and an increase should only be issued if the rent is considered below market value.
To read more about the legal obligations concerning rent increases under the Residential Tenancies Act, as well as the market analysis process click here.
April 05 2011 | Property Management and Property Management Law | No Comments »
Landlord can be awarded up to $1000 exemplary damages when tenant fails to observe duties on termination of tenancy
One of the new unlawful acts under the Residential Tenancies Amendment Act 2010 is “Failing to observe, without reasonable excuse, the tenant’s duties upon termination”, in which case a landlord can be awarded up to $1000 exemplary damages. However these damages are only awarded if some of these duties are not met, and this particular clause does not cover damage to the property and cleaning issues.
The “tenant’s duties” in this case is to vacate the property at the end of the tenancy. If the tenant fails to do so, the landlord can now apply to the Tenancy Tribunal for up to $1000 exemplary damages.
For more information on new unlawful acts and the maximum amounts that can be awarded by the Tenancy Tribunal, read our blog Increased Exemplary Damages.
Read more
January 26 2011 | Property Management and Property Management Law | No Comments »
A key issue to consider to ensure a problem free tenancy is to determine how many occupants are suitable for your rental property. Once this is determined then you will need to keep track of this number during the tenancy. A balance must be found between having more tenants to cover the rent, and the extra wear and tear that your property will incur as a result of having extra tenants.
You should specify the maximum number of permanent residents allowed in your tenancy agreement. When completing the application form to rent your property, tenants then need to confirm how many residents will be living in the property, allowing you to make an informed decision as to whether they will be suitable.
Click here to read more
October 26 2010 | Managing Tenants and Property Management Law | No Comments »
Smoke alarms are a key warning device in reducing deaths caused by fires in the home. The NZ Fire Service reported that smoke alarms were not installed or not working in 80% of house fires they attended last year!
What are the current legal requirements for smoke alarms in rental properties?
There is no specific section under the Residential Tenancies Act that requires landlords to provide smoke alarms. However it does state that a landlord must “comply with all requirements in respect of buildings, health and safety under any enactment so far as they apply to the premises.” In other words, all houses must comply with the Building Act 2004.
For further information on smoke alarms and property management click here
September 30 2010 | Property Management Law | No Comments »
There has been an introduction of various new unlawful acts as part of the Residential Tenancies Amendments Act 2010. These changes came into force on 1 October 2010, and also increase the amounts awarded by the Tenancy Tribunal from $12,000 to $50,000. The maximum amounts that can now be awarded by the Tenancy Tribunal for unlawful acts are listed here.
September 30 2010 | Property Management Law | No Comments »
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