A Cross Lease Title is also known as a Composite Title. In simple terms: The owner of a Cross Lease Title holds an undivided share as tenants in common in the fee simple of the whole of the land upon which the flats are erected. Essentially the share will depend upon the number of flats on the property. There is than a Leasehold estate with a Lease generally for 999 years for the flat itself, furthermore a nominal amount of rent @ 10c is contained in the Lease. When purchasing a Cross Lease Title it is very important that you obtain a copy of the Cross Lease Title and all encumbrances associated with the property prior to signing any Agreement for Sale and Purchase. Contact your Conveyancing Practitioner to obtain the search, they will ensure your interests are protected. Remember we can be contacted on 0800 2 87878 Happy Real Estate Warm regards
Tag: Cross Lease
Why a Title Search is Important?
When ever you list a property you should always complete a Title Search:
1. It identifies the legal registered owner of the property and who has the right to sell.
2. It identifies the correct legal description of the property to be noted on the Agreement or Contract.
3. It identifies the area/size of the land.
4. A search of the Title Plan will identify the boundaries of the property.
5. It identifies the encumbrances to be discharged from the Title.
6. It identifies the encumbrances and interests which will remain on the Title.
7. It identifies what type of title i.e fee simple, leasehold, cross lease, maori land or strata title. Each of these titles has different estates.
8. It ensures the correct property is being transferred.
9. It identifies any building restrictions or resumptions.
10. It identifies the use of the land.
In essence make sure you order all necessary searches and read them. If you don’t understand the searches check with someone who does your Conveyancing Practitioner. You don’t want any nasty surprises, for your client’s, your boss or your professional indemnity insurer.
We have search requests available online @ http://propertyconveyancingservices.com/online-title-search-request-form.html . The importance of a little homework can go a long way to establish trust with your clients now and in the future.
More importantly as quoted by Stephen Covey – “Trust is the cash of the new economy”
Cheers Kim 
