Each 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.
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 what title applies to any property you are interested in and what 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 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:
>> 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 portions 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 may 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 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:
>> 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?
The 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.
How is a Torrens-titled lot different from a Strata-titled lot?
Here is a list of differences between a Torrens-titled lot and a Strata-titled lot:
The titled lots of Torrens are:
>> Created under the Land Transfer Act of 1893, and
>> The Land Transfer Law does not allow implied easements
The lots with title of strata are:
>> Created under the Strata Act of 1985
>> 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
>> These services can go through Common Property and other lots in the Strata Development Scheme
Are there common characteristics 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 properties held on long-term or perpetual lease, and
>> Sometimes state governments may decide to subdivide and release the aforementioned rural properties if the area becomes desirable for residential development
>> All land is held under “Leasing”, 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 Retirement Towns are:
>> Freehold titles, and
>> Stratum Titles
So 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.