When purchasing a property we highly recommend that you take out a Title Insurance policy. Under this policy,purchasers are covered for actual loss caused by a broad range of risks such as:
- Unapproved Building Work
- Registration Gap
- Fraud, Forgery and Identity theft
- Boundary & Survey Issues
- Planning and Title Defects
- Outstanding rates, taxes, and levies
- Unpaid Local Infrastructure or Local Improvement Levies
What does Title Insurance do?
Title Insurance provides protection to purchasers by guarding against loss incurred due to title and property-related defects that generally are pre-existing and unknown to the purchaser at the time of purchase. Title Insurance covers you for numerous things that may present themselves in a Conveyancing transaction. Even if you have a licenced Conveyancer and get a building inspection report done things can still be undisclosed. Having this cover not only gives you peace of mind, but it also helps you to avoid financial hardship in the event that something is uncovered after settlement.
How much does Title Insurance cost?
Title insurance is a once-off payment that is inexpensive considering it is covering the majority of people’s largest asset. The great news is that there is no end date to the policy so you will be protected for the life of the ownership.
How do I purchase a Title Insurance policy?
Your licenced Conveyancer will do this for you -your only a phone call away from protecting your largest asset.
Does Title Insurance cover pest and building Inspections?
Stewart Title’s residential title insurance other important features include:
- The coverage protects anyone who inherits your property. If you transfer your property to your spouse or child for nominal consideration they are also covered.
- If the value of your property increases, the amount of insurance will also increase up to a maximum of 200% of the Policy Amount. This excludes cover for non-compliant/approved buildings or modifications. The amount of insurance decreases by any amounts (other than legal fees and associated costs) that we pay to cover a claim.
What types of policies are available?
There is a range of policies available including:
- Residential Existing Owner Policy;
- Residential Purchaser Policy;
- Residential Strata Existing Owner Policy;
- Residential Strata Purchaser Policy;
- Commercial Existing Owner Policy;
- Commercial Purchaser Policy.
A Claim Story - an example as to why Title Insurance is a good idea
A purchaser bought a waterfront property with large windows and doors at the front of the property to take in the breathtaking views. They got a pre-purchase building inspection done and it was all clear. Upon moving in they noticed that when it stormed the windows and doors were moving slightly and allowing water to enter the building. Following an inspection,the council determined that the incorrect windows and doors were fitted to the building resulting in an approx expense of $96,000 to meet council requirements to make the property comply. Fortunately, the purchasers were covered and had title insurance so the insurer paid all expenses for a qualified tradesman to replace the windows and doors.
Key Facts Sheets
For more information and to read through the Key Facts Sheets from the Title Insurance company we use called Stewart Title, please click on this link >> https://www.stewartau.com/consumer-resources/consumerlibrary/key-facts-sheets
We go above and beyond at Hunter Legal & Conveyancing to ensure our fixed fee service includes everything you need to buy and/or sell your property with ease. With over 30 years experience in Conveyancing and with HLC being a 7 day a week service, any questions you may have can be answered immediately. After hours also includes weekends, so if you want to secure your sale and/or purchase quickly you can call our professional Conveyancing team to get your matter underway.
We look forward to assisting you to ensure your property matters are on time and hassle-free.