If you are buying property for the first time, you may come across plenty of legal jargon. Some of these terms are quite easy to understand, while others could be confusing, and you may be scratching your head if you've discovered several definitions of "title." So, what do you need to know about these different interpretations and how they may affect you going forward?
Understanding The Definition Of The Title
Broadly speaking, a title is a legal document that defines the owner or owners of a specific property. It may also carry a variety of other information regarding specific rights or regulations that are linked to the property. In particular, if any other person or entity has a right of access (an easement), you'll find the information here. Whenever a property changes hands, the title must be updated following the relevant amount of research.
There are several different title types.
The Torrens Title
You may obtain a Torrens title if you become the sole owner of a property (or you buy said property in partnership with another). This is the most common type of title for anyone who purchases a home and land. With this type of title, you don't need permission from another party to carry out any renovations, although you will always have to bear in mind any local council guidelines or general community regulations.
You might get a Strata title if you buy an apartment or condominium. In this case, the land will be jointly owned with other unit owners, and everyone has an equal claim to shared areas like gardens or walkways. A company will be employed to manage affairs on behalf of all the owners, known as an owner's corporation. While you can generally carry out renovations within your own property, you may need to seek permission from the other owners via the owner's corporation.
If you plan to buy a property that may share some amenities with a neighbouring house, you may get a Community title. For example, it may only be possible to access this property through a shared driveway. With this type of title, you may need to get permission from the other owner to carry out renovations. However, you will come across fewer restrictions than you would with a Strata title.
Getting More Information
Whenever you buy a property, you should always get professional help. In this case, reach out to a local conveyancing service. If you have any additional questions regarding the title, they'll be delighted to help.Share
17 June 2022
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