A title is evidence of ownership of land and contains the details about the property in order to identify it. Common property ownership falls under:
- Torrens Title system where a Certificate of Title exists for every separate piece of land. It contains a reference that consists of a volume and folio number, ownership details, easements and/or rights of way affecting the land and any encumbrances (e.g. mortgages, caveats, leases and other interests in the land). The Torrens System of land registration was introduced in 1862.
- Strata Title for units/multi dwellings, where the building or land is divided into allotments and common areas by a strata plan referred to as a strata title.
- Company Title for units/multi dwellings where owners are shareholders in a private company. This is an older form of title which allows owners exclusive use of their dwelling in a multi-dwelling complex. The rights of shareholders are governed by a Memorandum of Articles and Association which frequently dictate terms to which shareholders must comply, such as whether leasing is allowed or not. The sale or transfer of your shareholding generally requires the approval of the majority shareholders.
- General Law Land/Old System
Is the land granted by the Crown between 1838 and 1862 that has not since been brought under the operation of the Transfer of Land Act 1958. There are still some properties under this title. The title to this land is not guaranteed. The General Law title comprises of a series of deeds showing ownership and encumbrances. The chain of Deeds must be produced when General Law land is dealt with. Properties still under Old System are converted to Torrens Title system when a sale/transfer occurs.