Understanding what title your property or land falls under is very important as each one effects your right of use. Your newly purchased property will normally fall under 4 categories which are explained below.
A green titled property has no common areas or shared property. Also known as a free hold lot does not share utility services.
Strata titles allow buyers to have ownership of part of a property defined on the strata plan but share ownership of other areas of that complex known as common property. Depending on the age of the strata this could be walls, building, roof, walkways, driveway, courtyards, parking spaces. Every strata is different and I will further explain strata titled properties in my online course.
Shows the land component and does not define any of the buildings on the plan.
Not very common to WA property – refers to land held as Tenants in Common, the shares being equal to all units. Separate title may be issued for each unit. Can be quite difficult to get finance approval