Lyla Lindsey
In Australia, a property title is a legal document that records specific information about a property, including ownership and any encumbrances such as mortgages, covenants, and easements. The most common type of property title in Australia is the Torrens title, also known as 'Freehold', where the owner of the title owns both the land and the dwelling on the land. Other types of property titles in Australia include strata titles, leasehold titles, company titles, and community titles. Nowadays, property titles are mostly held electronically, although paper copies can still be requested.
| Characteristics | Values |
|---|---|
| Type of title | Torrens Title, Strata Title, Leasehold Title, Community Title, Company Title, Old System Title |
| Ownership structure | Freehold, partial ownership, leasehold |
| Information included | Owner's name, address, mortgage details, covenants, planning agreements, encumbrances, boundary dimensions |
| Format | Paper or electronic certificate |
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Torrens Title system
The Torrens Title system is a land registration and transfer system that records the ownership of a property. It is commonly used by most Australian states and territories. Under this system, a state creates and maintains a central register of land holdings, which serves as conclusive evidence of the title of the person recorded on the register as the proprietor (owner), along with all other interests recorded on the register.
The Torrens Title system was designed by Sir Robert Richard Torrens, Registrar-General and Treasurer of the colony of South Australia, and was based on the Lloyd's of London shipping register. It was enacted in 1858 as the Real Property Act 1858, with the first sale of land registered under the system taking place on 25 August 1858. The system aimed to improve the cumbersome, slow, and expensive process of land transfer that existed before.
The central aspect of the Torrens system is the land register, where all dealings with land are recorded. This register can be a bound paper record, but today, most registers are typically kept in a database. Ownership of the land is established by recording the owner's name in the government's register. The Torrens Title also records easements, covenants, and the creation and discharge of mortgages.
Upon the first registration of land under the Torrens system, the land is given a unique number, called a volume-folio number, which identifies the land by reference to a registered plan. The folio records the dimensions of the land and its boundaries, the name of the registered owner, and any legal interests that affect the title to the land. This register is said to confer "indefeasibility of title" to the person or persons registered as proprietors or joint proprietors of the land, meaning their claim to the interest is superior to all other claims, except in certain situations.
Today, most property titles in Australia have moved to electronic formats, with paper copies being retained for posterity. A Certificate of Title can be held electronically with a bank or a proprietor's legal representative.
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Strata title
Under a strata title, individuals own their homes but share common areas or land with others. The common property is managed by the owners or an external owners corporation or body corporate managers. This means additional management and fees. It also restricts what improvements can be made to the property, such as painting the exterior or extending, which requires consent from the other owners. Insurance for the building is covered by the Owners Corporation, while the internal parts of the building are insured by the individual owners.
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Leasehold title
There are three types of leasehold tenure in Australia: Term lease, perpetual lease, and freeholding lease. A term lease usually lasts from one to fifty years and is for a specified purpose. A perpetual lease may also be used for a specified purpose, but it has no time limit. A freeholding lease is an interim tenure where the lessee pays the purchase price in instalments. Once all purchase costs have been paid, the lease is converted to a freehold title.
Leasehold land is a land holding leased to a person or company by the relevant state (as the Crown), and the lessee or tenant has rights of real property. Leasehold land is typically considered personal property and can be bought and sold on the open market. At the end of their lease, lessees can continue occupying the property by paying rent at the previous level and upholding other covenants, such as keeping the building in good repair. They cannot be evicted unless the landlord serves a formal notice to end the tenancy and intends to occupy the premises or redevelop the building.
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Company title
In Australia, a property title is a legal document that records specific information about a property, including ownership and any encumbrances such as mortgages, covenants, and easements. When it comes to Company Title, there are some key differences compared to other forms of property ownership, such as Strata Title.
Unlike Strata Title, where buyers receive a certificate of title to the property, Company Title holders receive a share certificate. This distinction is essential, as it means that Company Title sales do not fall under the definition of "residential property" in the Conveyancing Act 1919, and "cooling-off" provisions do not automatically apply. Therefore, engaging a solicitor experienced in Company Title transactions is crucial to navigate the complexities involved.
When buying a Company Title property, additional searches and investigations are recommended. Furthermore, shareholders are responsible for paying levies to cover maintenance and other expenses. The company's constitution and house rules should be carefully reviewed to understand any restrictions imposed by the company, and some companies may also require a separate occupancy agreement.
In summary, Company Title in Australia involves purchasing shares in a company that owns a building, granting the shareholder the right to occupy a specific unit. It is a unique form of property ownership with distinct legal and financial considerations compared to other types of titles, such as Strata Title.
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Community title
A community title refers to a property with a minimum of two lots and common shared areas. It is a subdivision of land with shared common areas, such as gardens, recreational land, or driveways. Community titles can include several buildings and considerable land. The lot owners' entitlements and boundaries are delineated with surveyed land measurements.
In a community title scheme, the owner of each lot needs to maintain and insure the buildings on their lot. The community corporation must insure any buildings or structures in the common areas and is responsible for their maintenance. The community corporation is formed when the plan is deposited with Land Services SA. It must formally meet at least once a year to consider items such as insurance and any legal requirements.
There are significant benefits to community titles, but it is not a perfect system. Potential owners should be aware of possible standardised landscaping and building requirements that may be restrictive and may not suit their personal tastes. Generally, no part of the lot is covered under the insurance taken out by the body corporate.
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Frequently asked questions
A property title is a legal document that records specific information about a property, including a description of the property, the owners, and registered interests over the property.
A house title in Australia can be in the form of a paper Certificate of Title, but nowadays, a Certificate of Title is usually held electronically either with a bank or a proprietor’s legal representative.
The Torrens Title system is the most common type of property title in Australia and is used to record the ownership of a property. Under this system, ownership of land is recorded in a central register maintained by the state or territory government.
There are currently seven types of property titles in Australia: Torrens Title, Strata Title, Community Title, Leasehold Title, Company Title, Old System Title, and Limited Title.
You can find your property title in Australia by searching through the relevant state or territory titles office. For example, title searches in South Australia can be done through the SALIS website, while Western Australia title searches can be done via the Landgate website.
