The legalities surrounding the purchase of a property can be quite intricate. For this reason, having a good conveyancer on your side is a must. This article discusses the different property titles and ownership entitlements of a property.
Types of Property Titles
Fee Simple
This is probably the easiest to understand as it is the least complicated of the titles. Fee Simple means that you own the land and any structures that are contained on that piece of land.
Joint Tenancy
This means that two people are the co-owners of the property and buildings. They each have an equal share and retain the right of survivorship. This means that if one partner dies, their share of the property automatically goes to the surviving partner.
Tenancy In Common
This is much like Joint Tenancy but specifies the percent ownership of each partner. Plus, shares do not automatically transfer to survivors following a death.
Perpetuity Lease
This is a leasehold arrangement where long-term possession of property is in place for a specified time that usually runs 99 or 999 years. There are annual rent payments required throughout the length of the lease.
The Property Owner
Now that you know the different types of ownership titles, let’s dig a little deeper into the topic. First, let’s look closer at who is considered the legal owner of a property.
The legal owner has several rights that come from ownership of a property. They include the right to possess, use, and transfer the property. The property title will spell out if the property ownership is either a Freehold Title or a Leasehold Title. The freehold title is the same as a Fee Simple title which essentially gives the owner complete ownership of the property and anything on it. A Leasehold Title grants the owner long-term use of the property which is held by another entity with a Freehold Title.
Other responsibilities that fall on a legal owner of a property include property maintenance, covering the cost of property taxes, and compliance with all associated regulations, bylaws, and guidelines. There will be some restrictions that apply that are specific to the region or community the property is located and details on what those are can be found at a local municipal hall or through a legal firm with knowledge of local property law.
Common Law Property Rights
In Queensland, there is another term related to property rights. It is Common Law Property Rights. These are the legal rights that outline how a property can be used based on previous court decisions instead of existing legislation. In other words, the guidelines for property usage are the result of court rulings over time and have become customary law. Common Law Property Rights can be modified.
What Is A Property Ownership Search?
If you are in the market to invest in property, you can find out who the owner is of a particular piece of land quite easily. All you have to do is contact the Queensland Land Titles Registry and make your request. This office has records of property ownership throughout Queensland. The database can be accessed in person or online. The search results will provide everything from the name of the current owner to listing previous owners and any other details about the history of the property.
Why Conduct A Property Ownership Search?
There are several reasons why a property ownership search would be conducted. Typically, they are used to verify the ownership of a piece of property before purchase. A property ownership search is also part of the data required for any process where property transactions occur. Legal disputes also generate the need for one of these searches.
What Information You Need To Conduct A Search
This is probably the easiest part of the entire process. All you need to do to find out who owns a particular piece of property is to have the correct street address of that property. Just enter that into your query and provided you have the right address, you should receive all of the information related to that property that you will need. It should also return details on the size of the lot or lots, the age of the home or buildings on that property, and much more.
Need Help With Property Titles and Ownership? Turn To GKS Law
For conveyancing services, including property title searches, contact GKS Law today. They have lawyers on staff who specialise in property law and can assist with your conveyancing in Redcliffe, conveyancing in North Brisbane, and conveyancing in North Lakes requirements. For conveyancing, call GKS Law today.
In Conclusion
A property title spells out who is the rightful owner of a piece of land and what sits on it. As simple as that sounds, there are a few different types of property titles that dictate what rights an owner has to a specific piece of land. There are fee simple titles that translate to mean the property owner has the right to use and transfer anything on his or her land. A leasehold title gives someone long-term access to the property in exchange for a rental fee. There are also joint tenancy titles for partners sharing equal ownership and tenancy in common titles for partners of different share sizes. To be sure you receive the property ownership title that best fits your needs, contact a law firm with expertise in property law for assistance and direction.