Understanding the types of ownership

Understanding property ownership is crucial when buying a home. New Zealand has four main types, each with different rights and obligations:

- Freehold (Fee Simple): The most common type, where you own the land and buildings.

- Leasehold: You buy the right to occupy the property for a set period but pay ground rent to the landowner.

- Unit Title: You own your apartment/unit and share ownership of common areas, managed by a body corporate.

- Cross Lease: You own a share of the land with others and lease your specific dwelling.

Always seek legal advice and review the property's record of title before purchasing.