Title Insurance, what is it and do I really need it?December 13th, 2019 Uncategorized
Purchasing a property is both an exciting and stressful time for individuals as you navigate through the process of arranging finances, organising various inspections on the property, organising insurances and engaging a conveyancer/ lawyer to assist with the legal transfer of the property.
To ensure your new purchase is free from head and heartache, you may consider purchasing Title Insurance. Title Insurance is a form of insurance which protects you from unforeseen problems which arise during settlement or those which you may inherit with a property upon settlement.
What is Title Insurance?
Title Insurance consists of a once off premium payment which entitles you to a policy to protect against risks that can arise when purchasing a property. Title insurance protects you from the significant financial and legal consequences which may result as a consequence of;
- Illegal building work being present on the lot (ie; structures erected on the property without obtaining the required permits and permission)
- Incorrect Surveying/ Boundary issues
- Fraudulent transfer of property
- Outstanding rates and taxes inherited from previous occupants of a property
Title Insurance is compatible whether purchasing land regardless of whether it is zoned residential or commercial, residential properties, strata properties or a commercial building.
There are always risks with everything you do in life, however Title Insurance offers peace of mind for a once off fee and will protect one of your most substantial assets for the duration of your ownership. Whilst it is hoped that you will never need to utilise the protections offered by Title Insurance it is far better to be prepared than risk being caught out unaware and underprepared.