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  • Profile photo of Brent1Brent1
    Participant
    @brent1
    Join Date: 2003
    Post Count: 14

    Hello everyone. I was hoping for some help on torrens title block of units.
    What is torrens exactly? And what am I getting myself into if I purchase this title?
    Thankyou

    Profile photo of Stuart WemyssStuart Wemyss
    Member
    @stuart-wemyss
    Join Date: 2003
    Post Count: 598

    The Torrens system is a normal title. The old system meant that the mortgagee actual has an equitable interest in the property. The enactment of the Torrens system in Australia (in 1870’s) changed that. Now the owner/borrower retains the equity interest and the lender (mortgagee) takes a charge over the property.

    The vast majority of titles fall under the Torrens system so you should be ok. Talk to your solicitor/conveyancer for more information on this.

    Cheers

    Stu

    Property & Finance News
    at http://www.prosolution.com.au

    Profile photo of Brent1Brent1
    Participant
    @brent1
    Join Date: 2003
    Post Count: 14

    So will I have to pay body corporate as with strata?
    Simply, would I be better off buying torrens rather than strata?

    Profile photo of NessieNessie
    Member
    @nessie
    Join Date: 2001
    Post Count: 73

    Hi Brent

    I understand this to be that the block of Units is all under the one Title – Torrens – that is the Units have not been subdivided. So there would be no body corporate fees because a Body Corporate is only created when there are separate titles for each Unit.

    If you intend to sell any of the Units individually you will have to subdivide and create Strata Titles for each Unit. This will also mean that you will create a body corporate. You will however, be able to create Strata Titles and pay no body corporate fees whilst you are the owner of all the Units.
    Once you sell off any individual unit, you will be required to have body corporate insurance and then Body Corporate Fees will need to be paid with respect to all of the Units.

    Speak to your Solicitor for a more detailed explanation.

    Cheers
    Nessie

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