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Team, Our clients are buying a property in Auckland, New

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Hello Team, Our clients are buying...
Hello Team,
Our clients are buying a property in Auckland, New Zealand.
The property is a Unit Title and we have been provided pre settlement disclosure statement by the vendor lawyer which is signed by the vendor. Please be advised that there is no formal body corporate formed.
We understand that the pre settlement disclosure statement must be signed and certify by the all unit owners in the absence of a formal body corporate. we note that section 152 of the Units Title act records that a owner can sign it but does it mean that it has met the requirement of the certification as well.
Please advise on that.
Poonam Agarwal
Submitted: 2 years ago.Category: New Zealand Law
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Answered in 1 hour by:
10/16/2015
Solicitor: Chris The Lawyer, Lawyer replied 2 years ago
Chris The Lawyer
Category: New Zealand Law
Satisfied Customers: 15,199
Experience: 38 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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How many other unit holders are there? The body corporate does exist but may not have had any meetings. This can be resolved but there are issues of insurance, maintenance plans and reserve funds which the body corporate needs to decide on at some stage. So this should not be critical to your clients but sooner or later this will need to be sorted. If there is only 1 or 2 other units you can be fairly informal, but the settlement disclosure could be an issue if not certified.

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Customer reply replied 2 years ago
Hello chrisWe have been advised by the clients that there are all together 4 units .Units 1 and 2 are joined together and 3 & r are joined together.Our client is buying unit 1 and we have received the insurace from the insurace company.My issue is that if the pre settlement disclosure is only signed by the owner , it it good enough to comply banks requirement.Does pre settlement disclosure statement needs to be certified by the body corporate, who will certify in the absence of formal body corporate and i slso need to know the section of certification as per title regulation act 2011 so that we can ask vendor solicitor to provide us proper pre settlement disclosure statement.Please keep in mind that there is no formal body corporateRegardsPoonam agarwal
Solicitor: Chris The Lawyer, Lawyer replied 2 years ago

If there is no functioning body corporate then the certificates will be a problem for the seller. Section 147 of the Unit Titles Act says such a certificate must be provided on sale, so the seller wil need to call a meeting of the body corporate to arrange this.

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Customer reply replied 2 years ago
Hello chrisMy only concerned is that do we require a certification from all the owners of rhe property or pre settlement disclosure statement signed by seller is good enough to compy with bank requirement and to sign our solicitor certificate
Solicitor: Chris The Lawyer, Lawyer replied 2 years ago

In the absence of a functioning body corporate I think the certificate should be from all the owners

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Customer reply replied 2 years ago
Can i please have the section confirming the sanepursusnt to unit titles act/ unit titles regulation act 2011 to write to vendor solocitor in this regards
Solicitor: Chris The Lawyer, Lawyer replied 2 years ago

Section 147

Pre-contract disclosure to prospective buyer

  • (1)Before a buyer enters into an agreement for sale and purchase of a unit the seller must provide a disclosure statement (a pre-contract disclosure statement) to the buyer.

    (2)The pre-contract disclosure statement must be in the prescribed form and contain the prescribed information.

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Solicitor: Chris The Lawyer, Lawyer replied 2 years ago

Section 147

Pre-settlement disclosure to buyer

  • (1)This section applies if a buyer and a seller have entered into an agreement for sale and purchase.

    (2)No later than the fifth working day before the settlement date, the seller must provide a disclosure statement (a pre-settlement disclosure statement) to the buyer.

    (3)The pre-settlement disclosure statement—

    • (a)must contain the prescribed information; and

    • (b)must contain a certificate given by the body corporate certifying that the information in the statement is correct.

    (4)A body corporate may withhold a certificate referred to in subsection (3)(b) if any debt that is due to the body corporate by the unit owner is unpaid.

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Solicitor: Chris The Lawyer, Lawyer replied 2 years ago

The prescribed information is in regulation 35

Pre-settlement disclosure statement

  • The following information is prescribed for the purposes of section 147(3)(a) of the Act (which requires a pre-settlement disclosure statement to contain the prescribed information):

    • (a)the unit number; and

    • (b)the body corporate number; and

    • (c)the amount of the contribution levied by the body corporate under section 121 of the Act in respect of the unit being sold; and

    • (d)the period covered by such contribution; and

    • (e)the manner of payment of the levy; and

    • (f)the date on or before which payment of the levy is due; and

    • (g)whether a levy, or part of a levy, due to the body corporate is unpaid and, if so, the amount of the unpaid levy; and

    • (h)whether legal proceedings have been instituted in relation to any unpaid levy; and

    • (i)whether any metered charges due to the body corporate are unpaid and, if so, the amount of unpaid metered charges; and

    • (j)whether any costs relating to repairs to building elements or infrastructure contained in the unit are unpaid and, if so, the amount of unpaid costs; and

    • (k)the rate at which interest is accruing on any money owing to the body corporate by the seller; and

    • (l)whether there are any proceedings pending against the body corporate in any court or tribunal; and

    • (m)whether there have been any changes to the body corporate operational rules since—

      • (i)the additional disclosure statement, if one has been provided; or

      • (ii)the pre-contract disclosure statement.

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