4 Types Of Home Ownership Options First Time Buyers Must Know Of before signing an agreement or taking out a bond!
This title means that you own a piece of land, with everything on it. You’re required to pay rates to the municipality based on the value of the land and buildings.
If you’re looking to purchase a townhouse or flat, this is the title you’ll have. It means that you own the inside of the building, while the exterior and the land it’s on belongs to a Body Corporate, which is made up of the unit owners.
99 Year Leasehold
In this case, you never own the property outright. Instead, you lease the land from the owner for a period of 99 years. If you are buying the land from an existing owner and the real owner is not government or a municipality, you’ll buy what is left in years on the lease.
This applies to a small block of flats which is registered under one company’s name. Purchaser’s become shareholders in the company and in return, can occupy a unit.