Have you considered Title Insurance?

When buying a property, there are many inherent risks which may affect your ownership or cause you loss. There are limits to what we can check on your behalf during the conveyancing process and it is a very real possibility that you could purchase a property with undetected issues.

Title insurance is a specialised type of insurance which provides protection to purchasers and existing home owners of residential property against certain unknown and hidden risks which may exist at the time of purchase.

Title insurance can cover a range of risks, including:

• Unapproved Building Work: illegal structures which have been built without the required Council permits or which do not comply with those permits of which you are unaware at the time of purchasing the property. For rural properties this cover may only apply to the primary residence which includes a swimming pool, and not to other structures on the property.
• Survey/Boundary Defects: any adverse matters that would have been revealed in an up to date survey report, including buildings erected over title boundaries.
• Planning & Title Defects: loss due to non compliance with zoning and developments laws, unregistered easements and covenants, lack of legal access, defects in title to the land of which you are unaware at the time of purchasing the property.
• Registration Gap: someone else lodges a dealing which prevents your interest from being registered or recorded.
• Outstanding Rates and Taxes: outstanding rates and taxes on the property which you are now liable for as the current owner of the property.
• Fraud, Forgery & Identity Theft: loss due to fraud, forgery or identity theft which results in you being deprived of your ownership of the land. For example, a case in WA where a property was sold fraudulently while the owners were living overseas.

How we can help

When a purchaser contacts us before they sign a contract, we work out the best strategy for them to protect themselves from purchasing a property with unapproved building works and other defects.

If they elect to take out title insurance, we arrange a policy on their behalf.

Things to note:

• Premiums start from $435.67 inclusive of GST and stamp duty (Premiums)
• Premiums are a once-only payment
• This type of policy does not need to be renewed
• Cover is provided while you own the property
• No excess is payable on claims
• Claims are on a no fault basis, which means that you don’t have to prove fault or negligence – you only need to prove that you have suffered actual loss, based on the cover that the policy provides.

Title Insurance Providers:

• Stewart Title Limited
• First Title

Want to learn more about title insurance?

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All material on this site is for information only and is not legal advice. You should obtain advice that is specific to your circumstances and not rely on this material as legal advice. If there are any issues you would like us to advise you on arising from this material, please get in touch.