Company title existed before the strata title did, and it was introduced in NSW in 1961. Company title brings about that the company owns the property it occupies, such as the building of units and the land that it is on. The shares for the building are grouped corresponding to the equivalent value of the units as estimated by the original developers, based on some factors like the size and location of the units. This set up also means that a shareholder will not have a title deed, but instead, they will have a Share Certificate.
Commercial Law | Company Title
A company title and a strata title can have an unclear difference, which can cause some confusion on their legal implications. We can avoid this uncertainty through definition as prescribed under NSW law.
Definition of Company Title
The company title differs from the strata title in the following ways:
If you own a company title home unit it means that you have the right to live in the property through the ownership of a group of shares—the board of directors should approve the owners of company title units first before any lease or transfer can be made. In addition to this, should any renovation or other alterations to a company title home unit be made, it will also be subjected for approval of the board.
There are some generalisations when talking about company titles. People often state that you cannot rent in a company title building or that the banks would not lend against company title. These statements are sometimes applicable, but there are times that they are not.
Here are some restrictions/allowances to look for when deciding on a company title purchase:
Some company title buildings are restrictive and some are lenient with your usage of your company title.
Amendments to Section 34A of the Local Court Amendment (Company Title Home Unit Disputes) Act 2013
There have been major modifications to Section 34A of the Local Court Amendment (Company Title Home Unit Disputes) Act 2013, which relate to jurisdiction on company title home unit disputes. The amendments include the following:
- The court has jurisdiction to hear and determine proceedings involving company title home unit disputes.
- A company title home unit dispute is a dispute between interested parties about any of the following matters:
3. However, a company title home unit dispute does not include the following:
Be advised that the court does not have any jurisdiction to make an order on a money claim or any other claim in the proceedings that is exceeding the jurisdictional limit of the court under this part when sitting in the division concerned.
The Executive Law Group has Sydney-based conveyancers who fully understand the legal details of living, owning and investing in a company title building. Our conveyancer lawyers are well acquainted with the types of issues, claims and matters and disputes that arise in company title disputes. Should you find yourself in need any assistance with a company title property dispute or you are experiencing problems with your company title neighbour, you can contact Executive Law Group for the best lawyers in Sydney.
Executive Law Group Sydney-based Conveyancing Lawyer Team Are experienced the following areas:
Our experienced team can work to get the odds in your favour. Our expertise and years of experience in assisting clients who have company title disputes will help you benefit in your case.