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Different types of homes to consider 8 October 2012

14 Oct 2012

FREEHOLD:

The owner of a freehold property has full ownership of the property and full responsibility for it. This means that the owner can rent, sell, paint and alter as they see fit (within certain constraints by the municipality).
Types of properties that fall under freehold are free standing homes and homes in security villages.

SECTIONAL TITLE

When you buy property in a sectional title complex you are buying a unit or section of a common property. This common property is shared by other unit owners. Types of properties that fall under sectional title are flats, units in complexes and cluster homes. Changes to your property in a sectional title scheme have to fit within the guidelines and standards set up by the body corporate.

99 YEAR LEASE

A person who enters into a 99 year lease is not purchasing the property but securing the property for a long period of time. Usually the government owns this type of land, and this land is usually found in historic or protected areas.

SHARED BLOCK

A shared block property is owned and registered by a company and applies mainly to apartments or small blocks of flats. Buyers of shared block property, purchase shares in the company as a form of property ownership.