One of the most important things you should know about when looking to buy land for sale in Queensland is the kind of title that will go along with it. There are several different kinds, actually, so it would be in your best interest to educate yourself about what these are. That way, you can determine exactly which one is applicable for your land purchase.
Otherwise known as Freehold, this kind of title is registered and guaranteed by the state government. Commonly, residential and commercial properties in Australia fall under this kind of title. Whoever is named as the Title Owner on the Title Deed is thus recognised as the absolute owner of the property, for as long as there is no mortgage attached.
Government properties are the ones commonly under leasehold. In certain situations, though, these plots of land may be subdivided and released so that it may be available for other purposes, such as residential development. Those who would like to live in a property that is under leasehold must make sure to look into the details further so as to avoid complications.
Also known as the Strata title in some states, this type applies to groups of properties located on the same site. It can be a single structure or grouped—the important thing is that they are all covered under one title deed parcel of land. A commercial lot, for example, can house several structures owned by different entities.
Under the group title, these multiple entities sharing the general compound—including driveways, gardens, and other facilities—all belong under one total common property ownership. The insides of their respective structures will be their own, but not everything else outside of it and within the property area.
This allows several people to own the land together, effectively making each property owner become shareholders. It’s convenient for those who would like to put up a structure on a huge plot of land without having to be solely responsible for its entirety. Be prepared to put in the work, though, when it’s time to sell the property and each of the shares will have to be taken care of too.
These are just some of the types of land titles that you may encounter once you set out to look for land for sale in QLD or other states in Australia. Best seek professional help from agencies like Lion Land Marketing so that you will be properly guided throughout the process.
Types of Land Tenure. QLD.gov.
Property Titles in Australia. Justlanded.com.