What are the different types of title in New South Wales?
In New South Wales, Australia, there are several types of title that a property can have.
The most common types of title are:
Torrens Title: This is the most common type of title in New South Wales. Under the Torrens Title system, the government maintains a register of all properties and their owners. This system provides a guarantee of title and makes it easier to transfer ownership of a property.
Strata Title: This type of title is used for properties that are part of a strata scheme, such as apartments or townhouses. Under a strata title, each owner has a separate title for their unit or apartment and also shares ownership of common property, such as hallways and gardens.
Community Title: This type of title is similar to a strata title, but it is used for properties that are part of a community scheme, such as retirement villages or gated communities. Under a community title, each owner has a separate title for their property, and also shares ownership of common property.
Company Title: This type of title is used for properties that are owned by a company. Under a company title, each owner holds shares in the company and has the right to occupy a specific unit or apartment.
Old System Title: This type of title is used for properties that were registered before the Torrens Title system was introduced. Under an old system title, the ownership of the property is based on a chain of deeds and documents, rather than a government register.
Each type of title has its own unique characteristics and it's important to understand the differences and how they may affect the property transaction. It's also important to note that different types of title may have different regulations and restrictions, as well as different requirements for transfer of ownership, maintenance and repairs.
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