Property

Property problems: Flat rates and other issues of inner-city life

Q. Recently I purchased an apartment in the city. I have been living in it for a few months now but I have not received any notification about the rates or insurance or any contributions I need to make to the running of the apartment building.

Thursday, October 13th 2005

I recall that when I bought the place I paid my share of the outgoings for the rest of the year but I am fairly sure that those 12 months are just about up and I still haven't heard anything. What should I do?

A. You are correct in your recollection that you would have paid "your share" of the outgoings relating to the apartment when you purchased it. You should have paid for the local body and regional council rates and your share of the contribution to the body corporate which manages the apartment building.

Your lawyer would have received a "settlement statement" setting out the proportionate share of the rates and contributions you and the vendor have to pay. Usually the vendor is responsible for making sure those payments are up to date at the time of settlement. If you agree to pay the vendor for the balance of the year, then the vendor is responsible for making sure that those payments are made as well.

Your solicitor should have also received a section 36 certificate. This is a requirement under the Unit Titles Act and is supplied by the body corporate. It shows you:

Read More - Opens in a new window
Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
TSB Special 6.75
Westpac Special 6.75
China Construction Bank 6.75
ASB Bank 6.75
ICBC 6.75
AIA - Go Home Loans 6.75
Kiwibank Special 6.79
Co-operative Bank - Owner Occ 6.79
ANZ Special 6.79
ASB Bank 6.39
Westpac Special 6.39
AIA - Go Home Loans 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

More Stories

Rate cuts needed to lift mood

Wednesday, April 17th 2024

Rate cuts needed to lift mood

The enthusiasm that followed the change in Government mainly from property investors has waned and is showing up in homeowners and buyers hanging out for interest rate cuts, Kiwibank says.

Support for regulation

Monday, March 18th 2024

Support for regulation

REINZ has emphasised the need for property management regulation to Parliament’s Social Services and Community Committee.

A better investment market

Thursday, March 14th 2024

A better investment market

“Reinstatement of interest deductibility starting from the new tax year on 1 April brings property investors back in line with every other business in the country, where interest costs are a legitimate deductible expense," Tim Horsbrugh, New Zealand Property Investors Federation (NZPIF) executive committee member says.

[OPINION] Recessionary times

Thursday, March 14th 2024

[OPINION] Recessionary times

It is not the best out there for many businesses and property sector people. Sales are down across the board, our clients’ confidence is falling, and there is a lot of uncertainty.