Owning property is virtually everyone’s dream. Among the issues in property ownership is its subdivision. There is after all only a certain amount of land you can own. There are different types of property division.
All the types will affect your rights to the land use to varying extents. To ensure your interests as a buyer or seller are well-catered for, hiring land surveyors in Auckland to advise you is essential. Here are the primary types of land subdivision.
This is also known as fee simple subdivision and is the most common type. The person whose name appears on the title certificate solely owns the piece of land. The owner is free to make decisions on the use and alterations on the land without consulting anyone.
Cross Lease Subdivision
In this form of subdivision, all lease owners equally own the land. A cross lease subdivision is registered on the title deed for the private ownership of each part of the buildings on a property.
Before this subdivision is created, your town’s council will need to be satisfied that all the buildings meet council regulations. Under cross lease subdivisions, a property owner always consults other owners before any alterations.
Unit Title Subdivision
This subdivision form is primarily used where one building sits on top of another such as apartments. One can also use it in joined houses and commercial building blocks.
The title owners in this case jointly own the land, and all owners who manage the property’s use forms a body corporate. This body manages the property, collects levies and comes up with rules that govern the land’s use.
With the right surveyor by your side in your property transactions, you can be sure of hassle-free land ownership. The ideal type of subdivision for your property primarily depends on your land’s type. The amount of freedom you want in your land ownership will also influence your subdivision.