New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) The subdivision of land so as to provide for units shall be effected by the deposit under the Land Transfer Act 1952 of a plan specifying the units in their relation to a building or buildings already erected on the land. The plan (in this Act referred to as a unit plan) shall comply with the provisions of all regulations as to survey made under the Survey Act 1986.
(2) The deposit of a unit plan shall have the effect of creating in each unit a stratum estate in freehold or a stratum estate in leasehold, as the case may be, which shall comprise—
(a) the fee simple estate or, as the case may be, the estate as lessee or licensee in the unit determinable in accordance with any of the provisions of sections 45, 47, and 48; and
(b) the undivided share in the fee simple estate or, as the case may be, the estate as lessee or licensee in the common property to which the proprietor of the unit is entitled by virtue of section 9; and
(c) the undivided share in the fee simple estate, or, as the case may be, the estate as lessee or licensee in all the units to which the proprietor of the unit is contingently entitled by virtue of the provisions of sections 45 and 47.
(3) Upon the creation of a stratum estate in a unit, that estate may devolve or be transferred, leased, mortgaged, or settled, and any transfer, lease, mortgage, or settlement shall have the same effect, as if the stratum estate were an estate in fee simple in land or an interest in land under a lease or licence, as the case may be; but the fee simple estate or, as the case may be, the interest as lessee or licensee in the land or any part of the land shall not be capable of devolving or being dealt with in any way, and none of the component parts of a stratum estate shall, except as provided in section 9, be capable of devolving or being dealt with independently of the others.
(3A) Notwithstanding anything in subsection (3), any proprietor of a unit may grant an easement over the unit, but only with the consent of every proprietor and every mortgagee of all the other units comprising the development.
(4) Notwithstanding section 95 of the Land Transfer Act 1952, no separate certificate of title shall issue under that Act for any such fee simple estate or interest in land under a lease or licence or component part, but nothing in this subsection shall restrict section 8.
(5) When a unit is being transferred, leased, mortgaged, settled, or otherwise dealt with pursuant to subsection (3A), it shall be described in the instrument evidencing the transaction as “Unit No....... on Unit Plan No....... and being that unit described in Certificate of Title Volume....... folio......., ....... Registry”
.
(6) Except as otherwise provided in this Act and subject to any necessary modifications, the provisions of the Land Transfer Act 1952 shall apply to every stratum estate in freehold and stratum estate in leasehold and to every dealing with and instrument affecting any such estate.
Subsection (1) was amended, as from 1 April 1987, by section 81(1) Survey Act 1986 (1986 No 123) by substituting the words “Survey Act 1986”
for the words “Surveyors Act 1966”
.
Subsection (3) was amended, as from 2 November 1979, by section 12(1)(a) and (b) Unit Titles Amendment Act 1979 (1979 No 37) by substituting the words “or settled”
for the words “settled or otherwise dealt with”
, and substituting the words “or settlement”
for the words “settlement, or other dealing”
.
Subsection (3A) was inserted, as from 2 November 1979, by section 12(2) Unit Titles Amendment Act 1979 (1979 No 37).
Subsection (5) was amended, as from 2 November 1979, by section 12(1)(c) Unit Titles Amendment Act 1979 (1979 No 37) by substituting the words “settled, or otherwise dealt with pursuant to subsection (3A) of this section”
for the words “or otherwise dealt with”
.
