“Company title” is not actually a type of land title. Company title is a method of ownership that was created to enable apartments in residential flat buildings held under a single title to be separately owned. While it is not the same as strata title (which creates, by way of subdivision under the Torrens title system, a separate title for each apartment lot), there are many similarities when it comes to living in a company title building. See the Shared title (strata and community title) subtopic.

Under company title, an owner of an apartment does not have any title in land and the apartment does not have a separate identifiable land title. Instead, a company (being a “pty limited” company which is incorporated under and regulated by the Corporations Act 2001 (Cth) and often known as a “home unit company”) owns the entire site and the apartment building on it, usually under a single title. The owner owns a specified share(s) in that company. The shareholding gives the owner of that share(s) an exclusive right to occupy a specified apartment. This exclusive right is usually outlined in the company constitution. See Description of company title.

"Company title" is not actually a type of land title. Company title is a method of ownership that was created to enable apartments in residential flat buildings held under a single title to be separately owned. While it is not the same as strata title (which creates, by way of subdivision under the Torrens title system, a separate title for each apartment lot), there are many similarities when it comes to living in a company title building. See the Shared title (strata and community title) subtopic.

Under company title, an owner of an apartment does not have any title in land and the apartment does not have a separate identifiable land title. Instead, a company (being a "pty limited" company which is incorporated under and regulated by the Corporations Act 2001 (Cth) and often known as a "home unit company") owns the entire site and the apartment building on it, usually under a single title. The owner owns a specified share(s) in that company. The shareholding gives the owner of that share(s) an exclusive right to occupy a specified apartment. This exclusive right is usually outlined in the company constitution. See Description of company title.

Company title units are now rarely utilised in Queensland with the enactment of the Building Units and Group Titles Act 1980 (Qld) and the Group Titles Act 1973 (Qld). The Building Units and Group Titles Act created building units plans and group titles plans which have largely, though not entirely, replaced company title units. Furthermore, the body corporate and Community Management Act 1997 (Qld) has effectively, though not entirely, replaced the Building Units and Group Titles Act with the latter having a limited continuing operation. See Description of company title.

There is no equivalent of company title in Western Australia.

Company titles are now rarely used in South Australia since the enactment of the Strata Titles Act 1988 (SA) and the Community Titles Act 1996 (SA). These Acts allowed for the creation of strata plans and community plans which have largely, though not entirely, replaced company titles. See Description of company title.

Company title units are now rarely utilised in Tasmania. There are still some rare legacy company title units that are yet to be converted to be holdings under the dedicated strata title. See Description of company title.

Company title units are not known to be in existence in the Northern Territory, and although company title has not been specifically prohibited by legislation, it is highly unlikely to ever be used in the Northern Territory as a means of creation of strata title ownership. See Description of company title.

"Company title" is not actually a type of land title. Company title is a method of ownership that was created to enable apartments in residential flat buildings held under a single title to be separately owned. While it is not the same as strata title (which creates, by way of subdivision under the Torrens title system, a separate title for each apartment lot), there are many similarities when it comes to living in a company title building. See the Shared title (strata and community title) subtopic.

Under company title, an owner of an apartment does not have any title in land and the apartment does not have a separate identifiable land title. Instead, a company (being a "pty limited" company which is incorporated under and regulated by the Corporations Act 2001 (Cth) and often known as a "home unit company") owns the entire site and the apartment building on it, usually under a single title. The owner owns a specified share(s) in that company. The shareholding gives the owner of that share(s) an exclusive right to occupy a specified apartment. This exclusive right is usually outlined in the company constitution. See Description of company title.

See Description of company title.

The “certificate of title” for the apartment is the share certificate. The shareholding gives the owner of those shares rights to exclusively occupy certain parts of the building owned by the company. The form of the share certificate will be like any other form of share certificate for a “pty limited” company. Only proprietary companies can be home unit companies. They are given the status of “special purpose companies” under the Corporations Act 2001 (Cth).

No prospectus, product disclosure statement or information memorandum is required when advertising and selling your shares in the home unit company. Under Class Order 00/213, ASIC exempts home unit companies from having to comply with these requirements. See Form and content of share certificates and transfer of shares.

While not prescribed under conveyancing laws (Conveyancing (Sale of Land) Regulation 2010 (NSW)), it is common practice for a vendor to make the same statutory warranties and attach the same disclosure documents to a contract for sale of a company title apartment as are found in a contract for the sale of real estate, for example a zoning certificate under s 149(2) of the Environmental Planning and Assessment Act 1979 (NSW).

When you are advising a purchaser on the acquisition of a company title property, you need to check the provisions in the constitution of the company (which may come in the form of “articles of association” if the company is quite old). In addition to carrying out the normal inspections and searches associated with buying a property, a purchaser considering a company title acquisition should also inspect the books and records of the home unit company. See Vendor disclosure.

While not prescribed under the Sale of Land Act 1962 (Vic), it is common practice for a vendor to attach a vendor's statement prepared under s 32 of the Sale of Land Act 1962 (Vic) to the contract. These will also ensure that all the necessary information required to be disclosed under Class Order 00/213 and Policy Statement 67 on the ASIC website is included in the contract.

When you are advising a purchaser on the acquisition of a company title property, you need to check the provisions in the constitution of the company (which may come in the form of "articles of association" if the company is quite old). In addition to carrying out the normal inspections and searches associated with buying a property, a purchaser considering a company title acquisition should also inspect the books and records of the home unit company.

Practice Tip: While there is no set formal contract of sale in Victoria for the sale of company shares in a company title scheme, it is good practice to look at the standard conveyancing contract and include the applicable basic conditions and other appropriate special conditions, for example auction conditions if relevant.

See Vendor disclosure.

Vendor disclosure issues are not applicable for Queensland since company title units are rarely utilised.

There is no company title in Western Australia and so no concept of vendor disclosure in relation to company title.

Under the Land and Business (Sale and Conveyancing) Act 1994 (SA), a vendor must serve on the purchaser the same disclosure documents in relation to a contract for sale of a company title apartment as are found in a contract for the sale of real estate. This is because the definition of “land” in s 3 of the Land and Business (Sale and Conveyancing) Act 1994 (SA) includes an exclusive right (deriving from the ownership of shares or otherwise) to the separate occupation of land or a building or part of a building.

Accordingly, a Form 1 or Form 2 Vendor’s Statement (as appropriate) under the Land and Business (Sale and Conveyancing) Regulations 2010 (SA) must be served on the purchaser. See Sch 1 of the Land and Business (Sale and Conveyancing) Regulations 2010 (SA). See also ss 7–8 of the Land and Business (Sale and Conveyancing) Act 1994 (SA).

When you are advising a purchaser on the acquisition of a company title property, you need to check the provisions in the constitution of the company (which may come in the form of "articles of association" if the company is quite old). In addition to carrying out the normal inspections and searches associated with buying a property, a purchaser considering a company title acquisition should also inspect the books and records of the home unit company. See Vendor disclosure.

No statutory vendor disclosure was required in Tasmania as at 1 November 2017. Previous unimplemented statutory provisions have been repealed.

See Vendor disclosure.

There is no specific vendor disclosure legislation enacted in the Northern Territory as of yet. See Vendor disclosure.

The sale of company title units is not prescribed under conveyancing legislation (Civil Law (Sale of Residential Property) Act 2003 (ACT) and Civil Law (Property) Act 2006 (ACT)), and accordingly sellers do not have to make the same statutory warranties and attach the same disclosure documents to a contract for the sale of a company title apartment as are found in a contract for the sale of real estate.

When you are advising a purchaser on the acquisition of a company title property, you need to check the provisions in the constitution of the company (which may come in the form of "articles of association" if the company is quite old). In addition to carrying out the normal inspections and searches associated with buying a property, a purchaser considering a company title acquisition should also inspect the books and records of the home unit company.

See Vendor disclosure.