Understanding the National Offer and Acceptance Processes
Types of property titles
Torrens Title is the name given to the Government system of recording ownership of land. It is by far the most common land title, and the least complicated to buy and sell. Once you are registered on the title, you are the guaranteed owner.
Strata Title is the common method of unit ownership which enables the purchaser to buy the actual space enclosed by the unit and then sell, lease, mortgage or otherwise deal with the unit as any other owner of property. The individual owners in a block of Strata Title units are compelled by law to form an owners’ corporation, which controls the general administration and necessary funding of common property. All unit owners are required to contribute towards the costs associated with the common property areas (eg. lighting of entrances and hallways, gardening, maintenance). Facilities, such as lifts, swimming pools and saunas, will increase the contributions markedly.