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 different rights and responsibilities.
Freehold (or fee simple) is the most common, where you own the land and buildings. With Leasehold, you own the building but lease the land, paying ground rent. Unit Title properties, like apartments, mean you own your unit and share common property, managed by a body corporate. Cross Lease involves shared ownership of the land while leasing your specific dwelling.
Always get legal advice.
Summary of important things to know
Freehold
Leasehold
Unit Title
Cross lease
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