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| 22/05/2007 |
| Company Title and Multiple Occupancy |
| Many multiple occupancy properties are registered on a Company Title. Company Title’s are similar to Tenants in Common however the Title Deed is in the company name and does not show shared ownership.
The Company Title owner has, rather, a right to occupy a defined area on the company’s land. (eg. 10 acres of 200 acres)
The residency of the Company Title land is controlled, as, before shares can be transferred, the Directors of the company must first approve the prospective owner. These Directors are frequently themselves residents on the land.
Where renting is permitted the tenant will more likely than not also have to be approved by the company’s directors or residents.
Most major lending institutions will not lend money, as they are unable to hold a mortgage over the property because it is a shared title.
Rates are divided as per % share
Depending on the Title most shares have a building entitlement, however some dwellings may not meet council specifications but you can apply to Council for Amnesty in lieu of a Building Certificate to protect your dwelling. Council will then do an inspection and issue you with a Compliancy Certificate and also confirmation that your dwelling will not be demolished.
This information is to be used strictly as a guide only
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