There are 2 elements to property relevant to property management and often forgotten, the first is what can be seen, being the land and buildings, all the improvements all the physical attributes of the property which can be inspected and are measurable elements of the property. The second and more important is the legal interest held in the property, as this determines what the owner can do, has to do, or may not do, with the property.
Ownership of property is not really the ownership of the land and buildings but of the ownership rights and responsibilities in land or buildings. The highest form of property ownership is freehold or fee simple. In NZ in reality a freehold owner does not have free totality of rights over their “freehold” property, as the state has reserved and progressively acquired for itself significant rights. What this means is there are two types of rights, those that belong to the community over which the property owner really has little or no control, and those which the property owner can market and sell.
So the community rights including the Crown, central government, local government and authorities are able to tax, rate, levy, control planning and resource management, control activities, with statute, regulations and bylaws, run public utilities under, over and through private property, impose limitations between neighbours, and control terms between lessors, lessees, rent controls.
The property owner’s rights which remain are still considerable and include how the property is owned, leased, occupied, built or developed, mortgaged, subdivided, cultivated, grant easements, destroy, neglect or sell.
Saltark Property Management keeps track of central and local government property legislation tax, rate, levy and planning with keen interest and we keep our property owners informed of developments, which we see as directly linked to our primary activities i.e. managing our property owner’s rights to best advantage.