Cross-lease
A cross-lease title means you co-own the underlying land with your neighbours and lease your particular dwelling from the group of owners — common in NZ suburbs subdivided from the 1960s to 1990s.
Cross-leases can complicate renovations and extensions (you may need neighbours' consent and a lease update), and defective cross-lease titles are a known due-diligence trap. They often trade at a discount to freehold — which can be an opportunity if conversion to fee simple is feasible, or a liability if it's not. Always have a lawyer review the flats plan against what's actually built.
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