The Unit Titles Bill in the Cook Islands is awaiting the approval of the Queen's Representative.
The Cook Islands News reports Sir Fredrick Goodwin's signature is the final step before the legislation becomes the Unit Titles Act 2005.
The revised bill contained 17 amendments and was amended further during parliament before it was passed.
Two petitions against the bill will have to go through a verification procedure before they can be certified.
Anna Rasmussen of the group for the Protection of Maori Land, which organised the Rarotonga petition, is disappointed that the bill was rushed through parliament.
But Ms Rasmussen says she's glad MPs approved restrictions on building height to not more than three stories high.
Land cannot be bought or sold in the Cook Islands but the new law paves the way for a new leasing status.