There are several different types of property with the most common being; vacant land, house and land, and home units. There are also different forms of title which you will need to know about.

For example,

• Strata Title: This is a title for units/apartments/flats and may or may not include car parking. Check if there is car parking and there is, check if it is allocated by the body corporate, that is, incorporated in the unit title, or on separate title. In a strata title, liability for the common property is shared.

• Stratum Title: This form of title is similar to strata title however instead of sharing ownership of common property with the other title holders, the owner has shares in a company which holds the title to, and is responsible for maintenance, management and administration of the common property. One problem with stratum titles is, as you may find that no bank will accept it as security, and for this reason they can be difficult to sell. Stratum title properties are often sold by auction, so that they are sold for cash. Auctions lessen the likelihood that an inexperience purchaser will discover that they are buying a stratum title unit.

• Torrens Title: System of recording ownership of property where registration on the certificate of title guarantees ownership. This law was previously known as, General Law Title

• Company Share Title: With this title, the purchaser does not actually own a title. Instead, the purchaser is allocated shares in a company that owns the title. On sale the shares are transferred.