The world of titles can be quite confusing and leave you asking a lot of questions if you do not know the difference between the many different types of titles. Below you will find an overview of titles and information to help you. Always seek out additional information from your Palm Springs land use and zoning attorney.
Land titles give you the ownership of the property and the proper documentation to prove that you own the property. You will need this to prove ownership if you need a loan or if you plan on selling your property at a later date.
There are two titles that are the most common and they are known as the Strata Title and the Torrens Title. The Torrens Title may also be called the Freehold Title. Other title options include Company Title and Leasehold Title.
A Torrens/Freehold Title shows that the land is documented through the Certificate of Title. This document will remain in the central registry of the area you are in. The owner, the proprietor and the lender or creditor will all have a copy of this title.
Strata titles are typically found in Strata Plan Development and are used for larger buildings. This includes townhomes and apartment units. This type of title can be found with commercial, residential as well as mixed use.
The differences between Torrens Titled lots are that they do not allow for implied easements and they were created under the Transfer of Land Act 1893 and the Strata Act allows for service maintenance and allow for these to pass by under common property usage.
You should now have a good understanding of how Land Titles work but it is always a good idea to get legal advice on any title ownership case just to make sure that you understand the process fully. Contact your Palm Springs real estate attorney today.