So, what is a company title?
Tune know that you must take a short dip into the history of it. Originated first in the 1960’s, company title in NSW has developed since then and continued for five to six decades until recently the strata title gained more prominence!
Unlike the latter, a company title owner does not hold any title of a part of real estate. Instead the ownership is distributed as sources within the company and each shareholders have been given the right to occupy a pre-defined area.
Although this kind of stratification was held to be good in the bygone Era, nowadays, a number of legal issues have made it quite a hectic affair!
Some of the benefits of company title NSW are –
- The apartments under this kind of classification is generally not as costly as the Strata apartments.
- The Residency of a shareholder in the company title is not fully controlled by the individual himself but rather, by a group of directors.
- At times it feels is here and weigh simpler to address grievances and concerns regarding the management system of the company title rather than a strata title.
- If a shared folder ones to list out his or her property to a tenant, he or she alone cannot do so but, have to take the approval by the rest of the company's board of directors.
However, they do come with some cons like problem 2 home loan or to lease a particular property or land. Hope, you got all the information you wanted!