Different land titles exist for subdivided properties with multiple owners such as:
This refers to a house and land as distinct from flats or apartments. In Torrens Title you own all the land on the plan of subdivision.
This is the most common form of unit, flat or apartment ownership. You will have individual ownership of your ‘lot’ and shared ownership of common areas such as gardens or stairwells. All units own these areas collectively and an owners corporation will manage them. As an owner, you will automatically become a member of the owners corporation, which means sharing responsibilities. Most owners corporations engage professional managers to take care of day to day operations. They will also chair annual and special meetings of the owners corporation.
A company share title is less common and often not as appealing for purchasers. It means that a company owns the title and owners simply own shares of that company. Purchasing shares would allow you to occupy a flat, though you would need to adhere to rules such as leasing restrictions or property renovations.
This is a combination of strata and company share. The lot owner becomes the registered proprietor yet, a company owns and manages the common areas. If you are considering buying into a stratum title property, you should seek legal advice to ensure that the property can be used for how you intend.
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