Frequently Asked Questions
We provide a customized service to meet your land or building needs, unlocking and maximising value in an innovative way. Many people would like to rearrange their land or building interests to give them more flexibility, more choices, additional cash. Often what they want is blocked by rules and regulations limiting subdivision. Tenure Solutions moves away from limited traditional thinking around how land and buildings are seen and their future potential; we combine all the possible available legal tools including company title. Many thousands of properties around Australia have been held under company title for over a hundred years.
Company Title is widely used around Australia for more than 100 years. There are thousands of properties in and around Brisbane include apartments in iconic buildings such as Torbreck (Highgate Hill), professional suites in Ballow Chambers (Spring Hill), private apartments on Hamilton Island and a jetty in the Noosa River.
Sure thing; absolutely. We only work within the law. We work within established, current tools to suit individual needs but always ensure legal compliance.
Current commonly-used tenure processes (for instance getting local government planning approval, subdivision/community title plan sealing and registration) normally take between 9-12 months to complete and costs often start well above $50,000. Tenure Solutions typically have the property apportioned as requested, shareholders’ ownership defined and the interests in separate areas ready for sale within 4-6 weeks, start to finish. Our all-up costs can be as low as one quarter of alternate approaches.
We have been advised that in existing Company Title properties, the valuations of ‘specified areas’ retain and/or gain in value in comparison with similar types of property (land or buildings). In our experience as well as observation, ownership is readily transferred and banks and finance providers lend against the shares to support transfers of ownership.
The cost of establishing the Tenure Solutions system is significantly less than a traditional or community title subdivision; in some situations, as little as one-quarter of the cost. In addition, the combined establishment and ongoing administration costs for Company Title are significantly less than a community title arrangement.
Current traditional tenure methods involving planning approval, subdivision/community title plan-sealing and registration, normally take between 9-12 months to complete. Depending on the complexity of the property, with Tenure Solutions we typically have the apportionment of the land or building completed and registered, and, if intended, shareholder ownership defined and ready for transfer, within 4-6 weeks, start to finish.
Transfer duty may be assessed in some situations and in respect to some parts of the transactions, but are never higher than they would be in a subdivision situation. Mostly, GST isn’t applicable.
To a limited extent, local authority rules and regulations apply to all projects. Some state and federal laws may also apply. Tenure Solutions only develops solutions which comply with relevant rules and regulations. Council involvement is not required if the proposed use of the land and/or buildings comply with the local government’s planning scheme. Private certifiers are typically used in approval of buildings and structures within existing zoning entitlements and compliance with building codes.
In apportioning land or a building into saleable specified areas, some parts will be set aside for common use for instance for road access. These are called Common Areas and usually will be defined in the setup of the project.
No, the constitution provides for each shareholder to have one vote with respect to management and governance of the company, regardless of the size of the individual Specified Areas. So everyone is on an equal footing.
There are two major forms of title to land which ensure that a person purchasing land is able to acquire a secure title to that land, in a process that facilitates timely and effective land dealings for the community - Company Title and Torrens System Title.
In Queensland, Company Title predates Torrens Title as its origins are set in the Registration of Deeds Act which preceded Torrens Title. Both forms of title to land continue in application today; both rely on preparation of instruments and documentation.
Company Title was widely known amongst and used by solicitors and property developers until the 1960s when State Governments brought in strata title, a form of Torrens Title. Strata or Community Title became widely taken up, as its legislation sets out a convenient form of ongoing management - CMS or constitution. Rather than have a solicitor start from scratch to draw up a constitution, the CMS could some costs. As a wider range of land professionals was familiar with the notion of subdivision (Strata Title is a form of subdivision) they inclined to applying Strata Title where previously they might have applied Company Title.
This preference for Torrens Title means that many land professionals today haven’t heard about Company Title or are poorly-informed about it.
During its widespread application, nobody had done what Tenure Solutions has done - prepare an up-to-date comprehensive constitution relevant to the 21st Century, that can readily be customized for each individual. With the work that Tenure Solutions has done, the cost of applying Company Title is now likely to be less than Torrens Title. As it operates under Commonwealth legislation, Company Title can be applied in some situations which are prevented by Torrens Title, which operates under the legislation of the several State Governments.
So if your solicitor advises against Company Title, please ask them to contact Tenure Solutions or give their name to Tenure Solutions for us to contact them.