Understanding the types of ownership

Understanding property ownership is crucial when buying a home. New Zealand has four main types, each with different rights and responsibilities:

- Freehold (Fee Simple): The most common type, where you own the land and buildings.

- Leasehold: You own the building but lease the land from someone else, paying ground rent.

- Unit Title: You own your unit and share common property, managed by a body corporate.

- Cross Lease: You co-own the land and lease your specific dwelling.

Always get legal advice and have your lawyer review the property's record of title before purchasing.