Craig Hill
KC Hill
Paladin
Oracle of DelphiProperty Law
May 25th 2006 09:10
Buying or selling a house? Renting? Leasing? Squatting? Then listen up, this is something that anyone who lives in anything besides a cardboard box should know.
from www.morguefile.com
Land titles refer to ownership of the land and the nature of that ownership. In NSW, there are a variety of different titles to land such as Crown Land and Native Title. What type of land are you on right now and how much do you know about it?
Fee Simple
This is the best title you can have. It is absolute ownership of the land, subject to any rights the Crown may have. A proprietor of an estate in fee simple can pass on title by sale, gift or on death.
Life Estate
This is an estate in the land which terminates once the holder of the estate or another specified person dies. Sometimes, life estates cease on the occurrence of an event other than death. For example, a father might transfer title to his daughter once she is married.
Old System Title
Between 1788 and 1863, the old system title was the only title available in NSW. A person claimed they owned the land by producing proof of possession, that is, by documents that have been signed, sealed and delivered.
Torrens Title
Under the Torrens system, legal title to the land can only be obtained by registration. Under the Real Property Act 1900, once land has been registered, title becomes absolute and indefeasible (though there are exceptions to the rule).
Strata Title
Before the Strata Legislation was introduced, a person who wanted to own a unit in an apartment block often had to be a shareholder in a company that owned an entire block of land so that the shareholder had the exclusive right to occupancy of a particular unit. However, now Strata subdivisions of land permit ownership of parts of a building.
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Comment by Anonymous
I still have a soft spot in my heart for this subject.
As the great man once said:
A CT is as good as a caveat.
André
(aus Berlin)
Comment by Legally Brunette
My Wedding