Unit title concerns

Question from Neda updated on 1st November 2011:

I am a first home buyer looking to buy a unit title property. I am concerned about last year's announcements on new changes in property tax law. I intend to live in the purchased unit and not rent it out but possibly rent it out in a year or two. Please explain what is the change in the property tax law and how it can affect the purchase of a unit title property?

Our expert Mark Withers responded:

Lawyers Debra Dorrington and Denise Marsden from Alexander Dorrington released an ebook entitled "Body Corporate guide" An essential handbook for anyone who has anything to do with unit titles. The book explains the new unit titles act and covers topics including developers new responsibilities and opportunities, the management regime, buying a unit title property and responsibilities when selling a unit. You can buy a copy of the book for $20 online at www.alexanderdorrington.co.nz

Mark Withers and his team at Withers Tsang & Co specialise in advising on property related transactions, valuation and restructure services and tax planning.

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