Each state and territory has a central registry of all land in the respective state and territory showing the owner of the land. The Land Title Registries of each state and territory provide search facilities.
What is a property title?
It can be better defined as:
>> the right of ownership of the property, or
>> the documents that constitute proof of that ownership
What are the most common property titles?
The list can help you when deciding which title applies to any property you are interested in and which title you may need:
>> Torrens Title (also known as Freehold Title), and
>> Stratum title
Other property titles you may find are the lease title and the business title.
What is a Torrens/Freehold Title?
It is a modern and simplified land ownership system that shows title to 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 the registry, and duplicates are held by the following parties:
>> The owner
>> The registered owner, gold
>> The Mortgage (the lender/credit provider)
What is a strata title?
It forms part of what may be called Strata Plan Developments and is commonly found in the following buildings because, a Strata Title allows parts of the building (referred to as “Lots”) to be owned by different owners:
>> for housing units/apartments, and
>> for terraced houses
What are the most common strata plan developments?
Here is a list of developments that can exist under a Strata Plan:
>> Residential
>> Commercial
>> Retail
>> Mixed use (retail and/or commercial and/or residential)
>> Serviced apartments
>> Retirement Towns
>> Caravan parks, and
>> Seasons
What is Common Property?
Any part 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:
>> Roads, Accesses, Paths, Fences and Gardens
>> Common External Walls and Roof
>> Stairs and Hallways
>> Meeting room, and
>> Recreational facilities (for example, tennis court, golf course, swimming pool, gym, sauna, etc.)
What is the responsibility of the owner of a stratum?
Common properties belong to all the “owners” of the strata in proportion to their unit rights. The Common Goods are managed by the Legal Entity or Strata Company, and each owner is responsible for the Common Goods and will share the expenses of upkeep and maintenance of the Common Goods areas.
How is a lot titled Torrens different from a lot titled Strata?
Here is a list of differences between a Torrens titled lot and a Strata titled lot:
Torrens titled lots are:
>> Created under the Land Transfer Act of 1893, and
>> The Land Transfer Law does not allow implicit easements
The lots with strata title are:
>> Created under the Strata Act of 1985
>> The Ley de TÃtulos de Estrato allows sharing of access to services and the maintenance of said services (water, sewerage and electricity), and
>> These services can go through Common Property and other lots in the Strata Development Scheme
Are there common features between a Torrens title and a Strata title?
Yes, there are some common features, such as:
>> A Strata Title is as safe as a Torrens Title
>> Both can be bought, sold and mortgaged, and
>> Both have permanent ownership
What is a Lease Title?
Curiously:
>> Leasing is the method used on government property in rural areas (for example, large cattle or wheat holdings held on long-term or perpetual lease, and
>> Sometimes state governments may decide to subdivide and liberate the aforementioned rural properties if the area becomes desirable for residential development
>> All land is held under “Lease”, and
>> Some old church properties are also rented out as “rentals”.
What is a company title?
Little is known about these types of titles among the general public. The little information that is known is that:
>> They originated almost a century ago, but may still be present in some areas, and
>> A company will own the business complex.
What title holdings apply to retirement villages?
There are several very good Retirement Villages that offer different types of tenure. However, the most common Titles in the Retirement Towns are:
>> Freehold titles, and
>> Strata titles
So now that you’ve read about property titles, I hope you have a good understanding of the different types of property titles. However, it is always advisable to seek expert legal advice if you still need more information about title to property and which title applies to your desired residence.