What You Need to Know About Land Subdivision
You can come across different types of land divisions, but the most common one in the construction industry is a subdivision. This is where land is divided into two or more allotments by community titles, Torrens titles, strata titles or leasehold titles.
Land division always requires approval from statutory authorities, local councils and the Development Assessment Commission. You are also required to lodge a Plan of Division and documentation at the Lands Titles Office.
Other types of land divisions include land divided for private or public use through zoning, land divided and set aside for conservation purposes and natural division of land and terrain types, which affects the access and use of land. This article leans more towards subdivision. Find out what you need to understand when it comes to subdividing land.
Understanding the Four Common Types of Titles
- A community title is when land is divided into two or more allotments with a shared area, for example, a driveway or a shared service infrastructure.
- A Torrens title is when land is divided into two or more allotments without any shared area. The allotments are independent of each other. This is the most common type of title.
- A strata title is when a property owner owns a particular unit inside the property but does not own the outside, for example, townhouses or apartments. You can find areas commonly shared, which include swimming pools, gardens, entrance halls, stairwells and lifts.
- A leasehold title is when the government owns pieces of land and leases them to owners for an agreed period. Examples are churches, crops and animal farms.
You might come across other titles like community strata titles, company titles and limited Torrens titles, but they branch out from the ones mentioned above, which are the most common.
What Makes You Choose a Torrens, Leasehold, Strata or Leasehold Title?
Many factors influence a person's choice of a particular title. It can be that you have financial constraints, you cannot meet the development plan requirements, the size or design of the land is not pleasing, it was a personal or family choice, you got advice from real estate agents or surveyors or even an evaluation of the marketplace made you choose a particular title.
Professionals You Might Require When Acquiring Your Title
You might need the services of conveyancers, surveyors, real estate agents and financial institutions. Conveyancers help in lodging the Plan of Division and documentation at the Lands Titles Office. Surveyors help in confirming the allotment size and marking out the boundaries. Real estate agents will show you and discuss the prices of allotments. Lastly, financial institutions help you get loans.
