There are different types of home ownership titles. This is however, something that works more around the legal system then your choosing.
While any property you look at could fall under any one of a few different title types, some of the more common systems include torrens, strata, company and community.
Let’s give those title types some context.
Torrens Title: Ownership of land. When registered on the title, you are the owner.
Strata Title: Apartment ownership. You are granted a certificate of title to part or parts of a building.
Company Title: Apartment owners that are shareholders of a private company. You don’t gain a title to the property, but instead shares in a company which entitles the shareholder to exclusive use and occupancy of an apartment, use of common area and perhaps a garage or car space. Instead of strata by-laws, the company constitution sets out all the rules for the governing body.
Community Title: Kind of like a mix of torrens and strata title ownership. If there’s a number of houses on a community title, the house and land are owned like a torrens title property but the common amenities are treated like a strata title set up and shared so community by-laws and contributions to a joint fund are made and run like a strata title property.
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This information is of a general nature only and does not take into account your objectives, financial situation or needs. We are not financial, legal or tax advisers. You should seek appropriate professional advice specific to you before acting on this information.
