A title deed is a legal document that provides evidence that you own your property. These are usually either Strata Title or Torrens Title.
Strata Title
Torrens Title
Strata Title
A Strata Title provides the legal ownership of a portion of an apartment block. These portions are known as 'lots'. Owners of a ‘lot’ receive a title deed to their unit. You can sell, lease or live in your lot as you would a house. Each unit owner owns the interior spaces of the lot, but the building as a whole is owned by the Owners’ Corporation.
All lots are allocated a 'unit entitlement'. This determines what proportion of the money levied by the Owners’ Corporation (for rates, maintenance etc.) has to be paid by each owner. It is based on the size of the unit.
Torrens Title
Torrens Title is the system of title if you own a house on a block of land.