Title systems vary from State to State in Australia.
The most common ones are:
·
Torrens Title
Title to land is guaranteed and it is not necessary to go
back further than the title of the existing owner to establish its validity.
There is one Deed/Certificate of Title on which is recorded the present owners’
name and notification of any mortgage, restrictions, easement or covenants.
· Strata Title
Permits the horizontal sub-division of land into separate
titles, for separate "strata” lots or units.
Each lot or unit represents a separate apartment, townhouse
or unit.
· Qualified & Limited Real Property Act Title
A title, subject to those things shown on the chain of title,
preceding the first issue of the Certificate of Title. The qualified aspect of
this form of Torrens Title may automatically cease after 12 years from first
registration of a dealing, for valuable consideration, or earlier if there has
been a change of title between strangers for value, after 6 years of registration.
· Common Law/Old System Title
A system of land title where a purchaser receives title that
is only as good as that which the vendor has to sell. Old system transactions,
require examination of a series of deeds and documents relating all dealings in
the land back to what is recognized in law as "good root of title”. The use of
these titles is rapidly declining.
· Community Title
A community title is evidence of ownership of a lot in a
community plan.The lot boundaries must be defined by reference to parts of the
building, similar to a strata title.
· Crown Title
In Australia, public lands are considered to belong to the
Crown.
This includes land for nature conservation and various other
governmental purposes.
Need a property or construction loan?
Contact us @ propertyloans@realrenta.com
Marlene Liontis
Tuesday, 10 March 2020
