Understanding Land Titles and their Terms and Conditions
Posted on: 8 May 2020
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One of the biggest parts of the Australian dream is owning property. Over time, the process of property ownership and transfer has been streamlined, and today, there are more than five different property ownership structures. These ownership structures are represented and made legal using different types of land titles. It is crucial for an aspiring property owner to understand the different types of deeds that exist and what property rights they give you as the holder of the title. Here is what you need to know about deeds and their implications.
Type of Titles.
Three common types of titles exist in the country. The Torrens title is also known as a freehold title. When you buy land in the country, this is the most common type of title you will receive. A Torrens title means that you are the sole owner of the land it refers to. Most of the residential and commercial properties in the country fall under this title category. The Strata Title is a little different from the Torrens title. It is common where they sell condos, business rental units and other types of apartments. Holding a strata title means that you own the unit inside but not outside. The Leasehold title is common for property found in rural areas. Most rural land is owned by the government.
Easements and Liens
Property titles will sometimes come with clauses which impose liens and easements on your property. A lien allows someone else to access and use part of your property, especially if their lot is blocked from essential services by yours. Consult a land surveying professional about the terms of a lien or easement before buying or selling land.
Change of Ownership
Buying and selling land does not always end with the exchange of money. A lot of documentation is involved. First, you have to establish the actual boundaries of your property. Only a land surveyor has the permission to check these boundaries and ascertain that they exist. The surveyor is also the person who will help create the supporting documents that make a deed legally acceptable. If there are disputes, they will help you in surveying the land again and re-establishing the boundaries.
It is advisable to check the conditions that come with every type of title before settling to get one. If you are not sure about the terms and conditions of owning a certain type of title, it is advisable to get the expert opinion of a surveyor about it.