What are the different types of property ownership?
The majority of land in New Zealand has a fee simple or freehold title. This means that you can make changes to your property without having to change the title of your property.
A property can be bought in:
- Sole ownership – one person owns the property
- Co-ownership – more than one person owns the property. These types of ownerships can be in 'tenants in common' or 'joint tenants'.
Tenants in common have a share of the property. This can be equal shares or differing shares. If a tenant in common dies, the share needs to be dealt with by Will.
Joint tenants own an equal share of the property. If a joint tenant dies, the share is passed to the other tenant (they will become the sole owner).
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