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 a home in New Zealand. The four main types each have different rights and responsibilities.
- Freehold (Fee Simple): The most common, giving you ownership of the land and buildings.
- Leasehold: You own the building but lease the land, paying ground rent to the landowner.
- Unit Title: You own a unit and share common property, managed by a body corporate.
- Cross Lease: You co-own the land and lease your specific dwelling.
Always have a lawyer review the record of title to understand all obligations before purchasing.
Summary of important things to know
Freehold
Leasehold
Unit Title
Cross lease
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