Review of the Unit Titles Act 1972 - Discussion Document, May 2006
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Glossary
You need to know how we define the words we use in this document. The meanings given are not legal or technical definitions. They are a guide to the meaning of words used in the context of this document. If a definition uses a word in italics, you will also find the word in this glossary.
Accessory unit means a unit that is designed for use with any principal unit, such as a garage, car parking space, storage space or swimming pool, and that is shown on a unit plan as an accessory unit.
Building envelope means the three-dimensional area that a building occupies.
Body corporate is made up of all the unit owners in a unit title development, has collective ownership of the common areas of the property, known as common property, and has responsibility for a range of management and administrative functions relating to the unit title development.
Caveat is a notice placed on a property's title that prevents the owner from registering transactions, such as sales or mortgages, against the title.
Caveator means a person who issues a caveat.
Commencement date means the date when the provisions of a new Act come into force. It can be several months after the Act is passed by Parliament.
Common property means property that is not in any principal or accessory unit.
Compulsory disclosure means a legal requirement for a person(s) or body corporate to give specific information to someone else.
Court of first instance means the Court you are required to go first.
Covenant is an arrangement that says parties must or must not do a specified thing.
Cross-lease property is a type of shared property ownership where each person owns their property in two ways. Each has an undivided equal share in the fee simple as one of the tenants in common with the other owners. Each also has their own lease (commonly for 999 years) issued by all the owners, which entitles them to exclusive occupation of their property.
Defined by survey means a land surveyor must have used their technical expertise to define where the specific boundaries of a unit are located.
Disclosure refers to providing for information to be available to other parties, or the public, when required by the new Act.
Easement means a right enjoyed by a person over another person's property, for example a right-of-way.
Fee simple is when a property owner has the most extensive rights of use and enjoyment of land that our legal system allows.
Flat-owning company means a company that owns all the land and buildings in a property such as an apartment block. It sells shares in the company and issues a Licence to Occupy for individual apartments. Rights and obligations of occupiers are spelt out in a constitution.
Future development unit means a unit title which is to be subdivided at a later date.
Gated community means a neighbourhood, often surrounded by a barrier, that is only open to residents and their visitors.
Ground lessee means a person or body who leases vacant land from the owner.
Ground lessor means a person or body who owns vacant land and is leasing it to another person or body.
Lessee means the person or body that is leasing property from the owner of the property.
Lessor means a person or body who owns the property and is leasing it to another person or body.
Notice to Remedy means a letter saying what the problem is and what action needs to be taken to fix it.
Opt in means an existing development can choose to do something that isn't compulsory for them under the Act.
Positive covenant means a covenant that obliges a party to do a particular thing.
Principal unit means a unit that is designed for living or working in, with or without an associated accessory unit.
Proprietor means the person(s) registered at present as the unit owner.
Relative value means the current market value of a unit compared to other units in the unit title development .
Restricted covenant means a covenant that obliges a party to avoid or refrain from doing a particular thing.
Stage unit plans show units and common property that have been completed so far.
Statement of future development means a statement the developer provides that tells unit owners and buyers about future plans for the development. It will include information about the size of the building envelope(s) , how many units are planned, and what they will be used for. It will also show how planned developments might affect existing unit owners' enjoyment of the property.
Tenants in common is a type of shared property ownership where joint owners of the same property have a specified share in the property that may or not be equal. If one of the owners dies, their share in the property passes to whoever they leave it to in their will, rather than to the other owners.
Tenure means the type or nature of the ownership of a property.
Unanimity means 100 percent agreement on a resolution that is passed at a general meeting of the body corporate .
Underlying reversionary interest means an interest in something that will return to the original owner when a specified event occurs. In this case, once the unit plan has been cancelled, the tenure of the land will return to the original fee simple or leasehold interest.
Unit entitlement means the share of the property and associated voting rights that come with ownership of a unit.
Unit owner means the person or body who owns a unit within a unit title development. This term is used in place of proprietor.
Unit plan means a plan that has been or is intended to be deposited under the Land Transfer Act 1952 to create a subdivision of land.
Unit title is a form of shared property ownership where individual unit owners own a defined part of a building development such as an apartment, known as a unit. They also have shared ownership, as tenants in common, of common areas such as lifts, lobbies or driveways, known as common property.
Unit title development means a property which is held in unit title ownership.
Weighted voting rights means voting rights proportionate to unit entitlement .
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