A multi-unit building often has several dwellings contained within it,
e.g. an apartment block. Or it can be a mixed-use building (mixed commercial and residential) or a building where two or more units are connected by a common party wall. If you buy a unit title property it means you own a specified part of a building, such as an apartment, and share ownership of common areas with other households. These can include lifts, lobbies, stairs, driveways, swimming pool, gym or communal garden areas.
It’s vital that you obtain legal advice before committing to purchasing a unit title, so that you clearly understand what you’re buying. Owning a unit title involves a different set of rights and responsibilities from traditional house and land ownership.
The Unit Titles Act 2010 is the law that governs building developments in which multiple owners hold a type of property ownership referred to as a unit title.