Learn about title deeds and put an end to your confusion about the different types of title deeds
Website design By BotEap.comEach state and territory has a central registry of all land in the respective state and territory that shows the owner of the land. The Land Title Registries of each state and territory provide search facilities.
Website design By BotEap.comWhat is a property title?
Website design By BotEap.comIt can be better defined as:
Website design By BotEap.com>> the right of ownership of the property, or
Website design By BotEap.com>> the documents that constitute proof of that ownership
Website design By BotEap.comWhat are the most common property titles?
Website design By BotEap.comThe list can help you when deciding what title applies to any property you are interested in and what title you may need:
Website design By BotEap.com>> Torrens Title (also known as Freehold Title), and
Website design By BotEap.com>> Stratum Title
Website design By BotEap.comOther property titles you may find are the lease title and the business title.
Website design By BotEap.comWhat is a Torrens/Freehold title?
Website design By BotEap.comIt is a modern and simplified system of land ownership that shows the title of the land through a document called a Certificate of Title. This document is registered in a central registry. The original Certificates of Title remain on record, and duplicates are held by the following parties:
Website design By BotEap.com>> The owner
Website design By BotEap.com>> The registered owner, gold
Website design By BotEap.com>> The Mortgage (the lender/credit provider)
Website design By BotEap.comWhat is a strata title?
Website design By BotEap.comIt forms part of what may be called Strata Plan Developments and is commonly found in the following buildings because, a Strata Title allows portions of the building (referred to as “Lots”) to be owned by different owners:
Website design By BotEap.com>> for housing units/apartments, and
Website design By BotEap.com>> for terraced houses
Website design By BotEap.comWhat are the most common strata plan developments?
Website design By BotEap.comHere is a list of developments that may exist under a Strata Plan:
Website design By BotEap.com>> Residential
Website design By BotEap.com>> Commercial
Website design By BotEap.com>> Retail
Website design By BotEap.com>> Mixed use (retail and/or commercial and/or residential)
Website design By BotEap.com>> Serviced Apartments
Website design By BotEap.com>> Retirement Towns
Website design By BotEap.com>> Caravan parks, and
Website design By BotEap.com>> Seasons
Website design By BotEap.comWhat is Common Property?
Website design By BotEap.comAny portion of a building in a Strata Plan Development that is not part of the Dwelling Unit/Apartment or Townhouse constitutes Common Property. Common Property may consist of any of the following areas:
Website design By BotEap.com>> Roads, Accesses, Paths, Fences and Gardens
Website design By BotEap.com>> Common External Walls and Roof
Website design By BotEap.com>> Stairs and hallways
Website design By BotEap.com>> Meeting room, and
Website design By BotEap.com>> Recreational facilities (for example, tennis court, golf course, swimming pool, gym, sauna, etc.)
Website design By BotEap.comWhat is the responsibility of the owner of a stratum?
Website design By BotEap.comThe common properties belong to all the “owners” of the strata in proportion to their unit rights. The Common Assets are administered by the Legal Entity or Stratum Society, and each owner is responsible for the Common Assets and will share the costs of conservation and maintenance of the Common Assets areas.
Website design By BotEap.comHow is a Torrens-titled lot different from a Strata-titled lot?
Website design By BotEap.comHere is a list of differences between a Torrens-titled lot and a Strata-titled lot:
Website design By BotEap.comThe titled lots of Torrens are:
Website design By BotEap.com>> Created under the Land Transfer Act of 1893, and
Website design By BotEap.com>> The Land Transfer Law does not allow implied easements
Website design By BotEap.comThe lots with title of strata are:
Website design By BotEap.com>> Created under the Strata Act of 1985
Website design By BotEap.com>> The Law of Titles of Estrato allows to share the access to the services and the maintenance of said services (water, sewage and electricity), and
Website design By BotEap.com>> These services can go through Common Property and other lots in the Strata Development Scheme
Website design By BotEap.comAre there common characteristics between a Torrens title and a Strata title?
Website design By BotEap.comYes, there are some common features such as:
Website design By BotEap.com>> A Strata Title is as safe as a Torrens Title
Website design By BotEap.com>> Both can be bought, sold and mortgaged, and
Website design By BotEap.com>> Both have permanent ownership
Website design By BotEap.comWhat is a Lease Title?
Website design By BotEap.comCuriously:
Website design By BotEap.com>> Leasing is the method used on government property in rural areas (for example, large cattle or wheat properties held on long-term or perpetual lease, and
Website design By BotEap.com>> Sometimes state governments may decide to subdivide and release the aforementioned rural properties if the area becomes desirable for residential development
Website design By BotEap.com>> All land is held under “Leasing”, and
Website design By BotEap.com>> Some old church properties are also rented out as “rentals”.
Website design By BotEap.comWhat is a company title?
Website design By BotEap.comLittle is known about these types of titles among the general public. The little information that is known is that:
Website design By BotEap.com>> They originated almost a century ago, but may still be present in some areas, and
Website design By BotEap.com>> A company will own the business complex.
Website design By BotEap.comWhat title holdings apply to retirement villages?
Website design By BotEap.comThere are several very good Retirement Villages that offer different types of tenure. However, the most common Titles in Retirement Towns are:
Website design By BotEap.com>> Freehold titles, and
Website design By BotEap.com>> Stratum Titles
Website design By BotEap.comSo now that you have read about title deeds, I hope you have a good understanding of the different types of title deeds. However, it is always advisable to seek expert legal advice if you still need more information about the property title and what title applies to your desired residence.