When you buy a flat or unit by share transfer, you are in fact purchasing shares in a company. The company owns the property and your ownership of the shares gives you a right to occupy the flat or unit, as the case may be.
A benefit of purchasing a property in this way is that you do not have to go to the Royal Court and can complete any day, not just a Friday. Also you do not have to be entitled or licenced to purchase a Share Transfer Apartment. If you have no housing qualifications then you can still purchase a Share Transfer Property. You do however have to be locally qualified to occupy the property.