Understanding the types of ownership

Understanding New Zealand's property ownership types is crucial before buying. Each has unique rights and responsibilities, so always have your lawyer review the record of title.

The four main types are:

- Freehold (fee simple): The most common, where you own the land and buildings.

- Leasehold: You lease the land from an owner and pay ground rent.

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

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