When you decide to purchase a new home, the first thing you need to do is familiarise yourself with the various types of property ownership. You want to make sure you are looking at the right type of property for you. The most common type of property ownership is what is known as a Fee Simple. This is where you own the building and the land it is built on. It is subject only to any restrictions registered on the title and local planning provisions.
Other forms of property ownership include unit titles (usually associated with apartments), cross leases (a shared ownership model where two or more owners own the land and lease parts of the land to each other), company share (where you own shares in a company rather than an interest in land) and occupational licenses (used for retirement villages).
Each type of property ownership brings with it its own peculiar features, some of which can impact on value and the extent to which a property can be used.
For details of the steps involved in the process, see our recent, in-depth article: Buying a Home – The Legal Process.
