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Property Titles |
Written by Melanie C
Monday, 30 June 2008
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Each property has a title and there are a few different types of title for different types of property. The type of title defines what sort of property you own. For instance, people who own an apartment will usually find that it has a strata title. This is a system of ownership where the vertical and horizontal space is divided up into sections with each having a separate title. Lease, mortgage and rights of transfer are usually unrestricted in strata title. Company title on the other hand, is where the apartment owners must form a company and so any change in ownership must be approved by a majority of members. Shareholders enjoy exclusive possession of both their unit and their car space, if that is applicable. Old system titles can also be know as general or common law titles. These must be examined closely every time a property is sold. They are actually a chain of documents that trace the ownership of a property. In some cases a third party who is unknown may have a legal interest in the property. Old system titles can be changed to Torrens title Torrens title is the least complicated of all, with only the names, easements and mortgage details having any legal standing. Article Source: http://www.ArticleBlast.com |
About The Author:
Looking into apartments perth? Visit the Saville Australia website (http://www.savilleaustralia.com.au) for more information on property investment.
Looking into apartments perth? Visit the Saville Australia website (http://www.savilleaustralia.com.au) for more information on property investment.
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