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54 | Unit Title information
SHORT GUIDE TO UNIT TITLES – WHAT YOU NEED TO KNOW
Levies and maintenance
The body corporate pays for any The long term maintenance plan is
maintenance or repairs it carries out funded by the long term maintenance
through levies on unit owners. fund (unless the body corporate resolves
not to have a long term maintenance
Levies cover all regular costs for common
areas such as insurance, cleaning, fund by special resolution).
gardening, fees for any contracted Most of the time, all owners share the
professionals, and ongoing maintenance. cost of repairing and maintaining
common property through the body
If there are unexpected expenses and
insufficient funds available, unit owners corporate levy. However, the body
will be levied in proportion with their corporate may choose to recover the
ownership interests. costs of repairs from you:
› where the repair or maintenance
A budget for the coming year is usually benefits you substantially more than
established at the AGM. The body other unit owners
corporate will determine the date on
which you must pay your fees and may › where the repair or maintenance is
charge you interest on any unpaid carried out on property contained in
amounts. your unit
› if you caused damage which
Long term maintenance plans necessitates the repair or
maintenance work.
The body corporate must establish and
maintain a long term maintenance plan, The body corporate may set up other
which covers at least 10 years. contingency or capital improvement
funds for emergencies and unforeseen
A long term maintenance plan identifies expenses, such as weathertightness or
the future maintenance needs of the earthquake resilience issues.
whole unit title property, and estimates
the cost, determining your contributions.
Planned maintenance might include
major maintenance of lifts, heating,
ventilation and air conditioning,
repainting the exterior, major roofing or
cladding repairs, or resealing common
driveways and parking areas.
10 MINISTRY OF BUSINESS, INNOVATION & EMPLOYMENT
BFT015 DEC18
