LAWS2000 Final: Real Estate Law Terms & Notes
Document Summary
Stratum estate (cid:862)a(cid:374) i(cid:374)te(cid:396)est i(cid:374) la(cid:374)d, (cid:272)lassified a(cid:272)(cid:272)o(cid:396)di(cid:374)gl(cid:455) to du(cid:396)atio(cid:374)(cid:863) Held for the duration of your/third party"s (duration of the first holders life - if the estate has been sold) life. Individual owners own their unit and an interest in common - centrally managed by a body corporate. Leasehold (or estates less than freehold) has a certain duration tenant leases off lessor. Confers the fullest power of alienation and the most extensive rights of use to the holder - unrestricted enjoyment. A group of owners who are tenants in common (ie. share in the ownership of the land) in ownership of the head title. These owners then collectively lease from each other the buildings and other improvements constructed on the land (nz law pg 926) Therefore, there is both a fee simple estate and a leasehold estate. Owners are both lessors and lessees, being a lessee means they acquire "exclusive possession" of their particular unit/flat.
