What is a Residential Property Title?

A title is in effect the ownership paper for your property.  A title is also referred to as a “Unique Identifier” or “CT” (Certificate of Title).  

The title records:

• the legal description of the property, being the area, lot and deposited plan number;
• the current owners of the property (Registered Proprietors); and
• any covenants, encumbrances, mortgages registered against the property (often referred to as “Memorials”). 

So, if you own your property, you will be shown as the Registered Proprietor.  If you have a mortgage over the property then the bank from which you obtained your mortgage will be registered as a mortgagee on the title to the property.  This is the bank’s security for the loan they have made to you. 

There are most commonly three types of title to a property in New Zealand; being:

1) Fee Simple;

2) Cross Lease; and

3) Unit Title.

If you would like further information on residential property titles or to discuss any matters related to buying and selling residential property, please contact Property Lawyer, Lesley Thomson on 837 6887 or email lesley.thomson@smithpartners.co.nz