Torrens Title
When you buy real estate, you buy the property and land on which it stands.
This is called a Torrens Title property.
The title is registered in your name and the ownership is transferred to you and you are given a Certificate of Title that states you are the sole owner, and notes any mortgages or other situations that affect the land.
Strata Title
Strata ownership applies if you are buying a unit, townhouse
or villa.
The Owners Corporation must maintain common areas and you
will pay ongoing levies in addition to water and council rates.
Company Title
These generally apply to units and apartments built before
1960.
When you purchase a company title property, you buy shares
in the company that owns the building rather than holding an individual title.
Stratum Title
With this title, the property is divided into lots, so when
you purchase a unit or apartment, you become the proprietor of your lot and you
also hold shares in the service company that owns and manages the common
property.
Government Leasehold
This is when you purchase ownership of a temporary hold on
land or property from the government. This means you buy the right to occupy
the real estate for an extended period of time and generally applies to rural
properties.
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Marlene Liontis
Saturday, 6 July 2019
