Real Estate / Business Glossary
"U" Dictionary Definition - What is a :
This means that the offer you have made on a property has no conditions attached to it, or the conditions have now been met. The contract is now legally binding and you are committed to buying the property on the agreed date, at the agreed price.
A unit title provides individual ownership or freehold title in multi-unit buildings. The main unit, such as an apartment, flat or office is known as the Principal Unit, while other associated units such as car parks are known as Accessory Units. There will also generally be areas of common ownership such as foyers, lifts and driveways etc, termed common property that are managed by the Body Corporate.