WANGANUI VALUERS LIMITED  
  • How is unit title different from the standard form of land ownership?

    17 September at 20:17 from atlas

    A unit title development (such as an apartment block) consists of:

    two or more principal units (to be used as a residence or business)
    the accessory units to be attached to the principal units (such as a garden, garage, pool or carparking space)
    any common property (that is, common spaces such as lawns and driveways, and common facilities such as lifts and laundries)
    As a form of ownership, unit title is similar to other property in that it can be bought and sold, or leased or mortgaged. But unlike other forms of title, it is made up of three components:

    - ownership in the particular unit
    - an undivided share in the ownership of the common property
    - an undivided share in the ownership of the units if the unit plan is cancelled

    Other names for unit title are "stratum estate" or "strata title".

    Diana Davey Wanganui Valuers.