Understanding the types of ownership

Understanding New Zealand's four main property ownership types is crucial before buying. Always have your lawyer review the property's record of title.

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

- Leasehold: You purchase the right to occupy for a set time but don't own the land.

- Unit Title: You own your unit plus a share of common property, managed by a body corporate.

- Cross Lease: You share land ownership with others and lease your specific dwelling.