Buying guide
Understanding the types of ownership
There are different types of land ownership in New Zealand. Here are some tips from Settled.govt.nz
AI summary
Understanding property ownership is crucial when buying in New Zealand. The four main types each have distinct rights and responsibilities.
- Freehold (fee simple): The most common, giving you ownership of the land and buildings.
- Leasehold: You own the building but rent the land for a set term.
- Unit Title: You own your unit and share common property, managed by a body corporate.
- Cross Lease: You share land ownership and lease your specific dwelling.
Always get legal advice and have a lawyer review the property's title before purchasing.
Summary of important things to know
Freehold
Leasehold
Unit Title
Cross lease
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