The most common and simplest form of title to property ownership (as opposed to common law or old system title).
Strata Title
Most commonly used for units, villas and townhouses. Gives ownership of a 'unit' of a larger building and membership of a body corporate. Owners can lease or sell their unit as they please (which contrasts with the rights of a shareholder under Company Title).
Common Law or Old System Title
System of land title where title is established by looking at a chain of transactions and events dating back to the original owner. Most old system title has been converted to Torrens Title and any remaining will usually be converted to Torrens Title on the sale of the property.
Community Title
A form of subdivision, where owners receive a Torrens Title for the lot they own and are members of body corporate. They also share ownership of the common facilities.
Company Title
This title applies when unit owners are actually shareholders in a private company. As a shareholder, they are entitled to exclusive occupation of a particular unit. However, if an owner wants to change the occupancy in any way (for example, by leasing the unit or selling its share holding) it must be approved by the company. You might want to see your solicitor before buying a company title.