Common Torrens system titles include the Torrens title, Strata title, Company title, and Leasehold title. Torrens titles are for traditional single owner property/home ownership. Strata titles govern unit investments in multi-unit complexes (condos, villas, townhomes, etc.). Company titles allow property owners to hold shares in the company that retains ownership of the building, not the property itself. Leasehold titles give owners temporary ownership rights for government-owned land.If you need more info about landscape just click here!
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To find out basic information about a title, land ownership, and recorded covenants, individuals can go directly to the courthouse, use an online database, or work with an attorney or real estate professional to conduct property due diligence. Land titles play an important role in protecting ownership rights and avoiding risks associated with real estate transactions. Keep this information in mind the next time you think about purchasing property or entering into any property-related contract with a land owner. Investing in vacant land may have decreased in popularity in recent years, but high property prices and a competitive market could lead more buyers to reconsider this option in future.
“Property experts caution buyers that vacant land isn’t always the cheaper option in the long run, however, and while there are certainly opportunities to be had, it’s important to understand all the potential pros and cons,” says Rawson.
“Buying a vacant plot, paying it off and then saving up to build used to be a great way for buyers to get a foot on the property ladder in an affordable way,” says Bill Rawson, Chairman of the Rawson Property Group.
“These days, however, building costs are much higher and there is less land available in popular suburbs, which means it’s more difficult to find opportunities with the same kind of potential for success.”
However, he says that’s not to say buying vacant land is a bad investment.
“It simply means you need to do your homework in order to be able to spot a potential asset or a potential liability,” says Rawson.
“Property experts caution buyers that vacant land isn’t always the cheaper option in the long run, however, and while there are certainly opportunities to be had, it’s important to understand all the potential pros and cons.”