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Strata & Company Title

The type of ownership title can be an important issue to consider when purchasing an apartment. Both strata and company title relate to apartment ownership while Torrens Title relates to the purchase of land and houses. Strata title is the common method of apartment ownership and enables the purchaser to buy the actual space enclosed by the unit. The owner is then able to sell, lease and mortgage the unit as any other owner of property. Company titles were common in the past and since many buildings in and around Elizabeth Bay were built some time ago, it is often still found today in our area. In Company Title buildings, unit owners are actually shareholders in a private company. Buying a certain number of shares entitles the shareholder to exclusive possession of a particular unit and perhaps a space for a car. Shareholders vote to decide company rules and regulations on such things as the right to lease. Unrestricted company title buildings allow owners to rent their apartment to a tenant and thereby retain the apartment as a normal investment property. Restricted Company Title buildings mean that shareholders must use the apartment for their own occupation. Sometimes they can have family or a friend live in the apartment, subject to the guidelines of the company.