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Property title
Being informed
A title is evidence of ownership of land and contains the details
about the property in order to identify it. Common property
ownership falls under:
- Torrens Title system where a Certificate
of Title exists for every separate piece of land. It contains
a reference that consists of a volume and folio number,
ownership details, easements and/or rights of way affecting
the land and any encumbrances (e.g. mortgages, caveats,
leases and other interests in the land). The Torrens System
of land registration was introduced in 1862.
- Strata Title for units/multi dwellings,
where the building or land is divided into allotments and
common areas by a strata plan referred to as a strata title.
- Company Title for units/multi dwellings
where owners are shareholders in a private company. This
is an older form of title which allows owners exclusive
use of their dwelling in a multi-dwelling complex. The rights
of shareholders are governed by a Memorandum of Articles
and Association which frequently dictate terms to which
shareholders must comply, such as whether leasing is allowed
or not. The sale or transfer of your shareholding generally
requires the approval of the majority shareholders.
- General Law Land/Old System
Is the land granted by the Crown between 1838 and 1862 that
has not since been brought under the operation of the Transfer
of Land Act 1958. There are still some properties under
this title. The title to this land is not guaranteed. The
General Law title comprises of a series of deeds showing
ownership and encumbrances. The chain of Deeds must be produced
when General Law land is dealt with. Properties still under
Old System are converted to Torrens Title system when a
sale/transfer occurs.
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