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 vital 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, paying ground rent to the landowner.
- Unit Title: Common for apartments, involves body corporate membership, rules, and levies.
- Cross Lease: You co-own the land and lease your specific dwelling.
Always get legal advice and have your lawyer review the record of title before purchasing.
Summary of important things to know
Freehold
Leasehold
Unit Title
Cross lease
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