What does Torrens Title mean in NSW?
If you own something in Torrens Title, it means that you own the land and the building on the land, to the exclusion of all others who are not registered on title. Torrens title is the most common form of land ownership in NSW.
What is the difference between strata title and individual title?
Strata Title is generally for properties in a multi-storey building and the land usually belongs to the owners of the property (i.e. developers). Individual Title is generally for landed properties. It’s issued when you are the only owner of the whole piece of land.
What does strata title mean in NSW?
Strata title is a system for owning units and townhouses, which generally have a combination of private residences as well as communal spaces. When you buy into a strata plan you buy a “lot”, which may include the main unit area and possibly a balcony, garage or even storage area.
What is Torrens Title in Australia?
A Torrens title is a single certificate of title for an allotment of land. It is the most common type of title in South Australia. All transactions such as transfers of ownership are registered on the certificate of title.
Is Torrens Title better than strata?
Pros and cons of strata and Torrens titled properties You are solely responsible for the cost of maintenance and the work required. No restrictions on pets, hanging washing, BBQs, parking, etc (subject to local council restrictions). Torrens properties usually offer greater privacy and less noise disturbance.
What is the difference between strata title and Torrens Title?
Torrens title simply means the purchaser owns the land and building. This can also be known as ‘freehold. ‘ Strata title simply means that there are multiple owners of properties on one piece of land where all owners are responsible for the areas that are shared known as ‘common areas.
Why is a strata title important for homeowners?
Having the strata title is important because: It serves as proof of ownership of the apartment/condo. It is used as an instrument of charge to banks for loans. The issuance of the strata title will initiate the formation of the management corporation (MC) by owners of the apartment/condo.
What is the difference between strata title and Torrens title?
What are the pros and cons of strata title?
Pros and cons of strata and Torrens titled properties
| Strata | ||
|---|---|---|
| ✓ | Lifestyle benefit of outsourcing the bulk of property maintenance. | ✓ |
| ✗ | Changes to property will usually require permission of the owners corporation. | ✓ |
| ✗ | Strata fees are subject to change and are likely to increase as buildings age. | ✗ |
What are the disadvantages of strata title?
Disadvantages of Strata Property
- High Strata Fees, more common in developments with many amenities or older buildings that require more maintenance and repairs.
- Disagreements with other Owners, which may require dispute resolution.
- More responsibilities, unless you hire a Strata Manager.
What are the benefits of Torrens title?
Torrens Title is useful because it eliminates grounds for most dispute litigation, avoids the consequences of lost certificates and greatly reduces the costs of land sale and transfer. People can change the Torrens Register through lodging and registering a ‘dealing’.