What does unit title mean?

What does unit title mean?

What is a unit title? Unit title owners own a defined part of a building, such as an apartment, and share common areas such as lifts, lobbies or driveways with other owners. Residential unit title properties are typically apartment blocks and townhouses.

What is the difference between cross lease and unit title?

A cross lease title is where there are several people who own a share in a lot of land. A unit title, is typically how apartments are owned. The owner owns a defined part of the building (eg. the apartment and parking area) and shares ownership of common areas such as the entrance, stairwell and garden.

Who owns the land in a unit title?

If you buy a unit title property it means you own a specified part of a building, such as an apartment, and share ownership of common areas with other households. These can include lifts, lobbies, stairs, driveways, swimming pool, gym or communal garden areas.

What is a freehold unit title?

A stratum in freehold, also known as a unit title is typically seen when there are two or more apartment type developments on a lot. This means that instead of owning the dwelling and the land, the owners of a stratum in freehold will own the dwelling and possibly any adjacent area/courtyard that the dwelling may have.

What is a unit owner?

Unit owner means one or more persons who own a condominium unit or, in the case of a leasehold condominium, whose leasehold interest or interests in the condominium extend for the entire balance of the unexpired term or terms.

Is a 999 year lease a freehold?

Put simply, acquiring a 999 year lease enables a flat owner to have a title that is ‘as good as freehold’ and therefore more marketable than for example a 85 year lease, whilst retaining the existing freehold/leasehold structure.

Can a unit title be freehold?

A unit title is also referred to as a “strata title” or “stratum estate”. It can either be in fee simple (freehold) or leasehold. This type of title is generally in a building where there are multiple owners or shared walls or public space – such as apartments, terrace housing & units.

What does it mean to be a unit title holder?

Becoming a unit title holder means you automatically become a member of the body corporate, which consists of all the unit owners acting as a group. Most day-to-day decisions of the body corporate can be made by a body corporate committee or with the agreement of 50% or more of the unit owners.

What kind of title does an apartment have?

Unit title ownership also referred to as a ‘strata title’ or ‘stratum estate’ is most common in a building where there are multiple owners. your particular apartment or unit and any accessory units, like garages, car parks, private courtyards and storage areas contained in the record of title.

What was the Unit Title Act of 2010?

The Unit Titles Act 2010 is the law governing building developments where multiple owners hold a type of property ownership known as a unit title.

Can you buy a unit title in New Zealand?

Buying a unit title property is different to buying a stand-alone house, and they are becoming an increasingly common form of property ownership in New Zealand. If you are thinking of purchasing a unit title property, we’ve put together some key points for you to consider.

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