Titles.

I will have a crack at this. NSW terms used.

Torrens title is the normal style of title for the average home. The owner owns the land and house outright.

Old style titles are pre torrens. As they are sold they are converted to torrens.

Strata refers to multi dwellings on one title. The Owners Corporation or Body Corporate owns the land and the building. The owner owns the inside space including the interior paint. They should seek approval to pierce or damage any exterior wall. Contributions are made to cover the maintenance, insurance etc for the building and common areas.

Company title is where a company is formed to purchase an entire building. Individuals buying an apartment buy the corresponding number of shares in the company and have ownership of their apartment. Not so popular as the other shareholders can block any sale.

Hope this helps.

Cheers,

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.