What is a unit title and how is it different from freehold?

Short answer: Own your unit, share common areas. Pay body corporate fees. Read minutes before buying.

What this actually means in plain English

A unit title is common for apartments and townhouses. You own your unit but share common areas (hallways, gardens, roof). You pay body corporate fees for maintenance. The body corporate makes rules about pets, renovations, and rentals. Read the body corporate minutes before buying. They reveal problems like big maintenance bills coming.

Key Facts

Own unit exclusively
Common areas shared with other owners
Pay body corporate fees for maintenance
Body corporate rules restrict alterations and pets
Must read body corporate minutes and financials
Special levies can arrive unexpectedly

Example

Unit Price: $450,000

Body Corp Fees: $4,000/year

Includes: Insurance, common maintenance, management

Risk: Special levy of $15,000 for roof replacement

Related

Back to Stackhold