Company Title home units are found in buildings owned by
companies registered under the Corporations Act. The
majority of these were set up in the 1920’s and
1930’s, and were the first chance for people to own a
home without buying a house.
Company Titles largely disappeared when Strata Title was
introduced in the 1960’s. But there are still about
100 Company Title buildings in Sydney.
In
the East, you will find them mostly in Kings Cross, Potts
Point, Darlinghurst and Elizabeth Bay.
On
the North shore, they are likely to be in older areas:
Kirribilli, Lane Cove and Neutral Bay with some on the
further North Shore in Turramurra and Killara.
A
person who buys a company title home unit receives shares
in the company that owns the building and a share
certificate. The ownership of the shares allows them to
live in the unit.
However,
the owner of the shares does not receive certificate of
title to the home unit. Only if you buy a Strata Title
apartment do you get a certificate of title to the
property.
For
more information,
email
John F. Morrissey and Company, lawyers.