Freehold (title)

This form of title means that you own the land and the buildings on the property, with few restrictions (although no buildings are shown on the title documents). It is the most common form of title in New Zealand.

Cross-lease (title)

This type of ownership is common where there is more than one property (often called flats) on a single title. The owners of each property co-own the land and each leases their own property, which together form the cross-lease title.

Unit title

A form of ownership of apartments and units where each owner has freehold title to his/her individual unit and any garage/parking space or similar attached to it, as set out on a unit plan. Owners of units have common legal areas and share duties for any common property, such as driveways. Buyers should be aware of their on-going obligations to the body corporate and rules that limit what can and can’t be done to the property.

Leasehold (title)

This is where someone other than the occupier of the property owns the land and charges rent for a specific term to the lessee. Sometimes buildings on the land belong to the lessee, subject to the terms of the lease. The lessee may have an option to purchase the freehold, giving them full unrestricted title to the land in addition to the buildings. You need to know if you are buying a freehold, leasehold or other form of property ownership as this will determine what you can do with the property and will affect the amount you pay.