What Is Title Insurance?
When you engage our property, and conveyancing services in Maitland, Newcastle, or anywhere throughout NSW you can ask for guidance on whether or not you need Title Insurance. However, going into that conversation, it’s a good idea to have a basic idea of the purpose of Title Insurance.
Title insurance is a specialised insurance policy which protects against possible risks that can threaten the legal ownership of purchased property or affect a person’s right to occupy and use their land and therefore cause financial loss.
Title Insurance covers risks that were unknown when the contract was signed because it is outside the range of a settlement agent or conveyancer’s instructions when acting in a routine settlement to make every possible enquiry regarding the new property.
In the worst case, it is possible to lose the legal ownership of the property due to a fraudulent sale. Another scenario is financial loss caused when the council forcibly removes an illegal structure built by the previous owner or loss of land due to survey errors, boundary defects, or non-compliance with zoning obligations or development laws.
Title Insurance provides lifetime coverage for a one-off premium.
How does it work?
Do I Need Title Insurance? How Can My Property Conveyancing Firm in Maitland Help Me Find Coverage?
- Illegal or unapproved building works or extensions
- Survey and boundary problems
- Fraud, counterfeit and identity theft
- Unpaid rates or taxes
- Unregistered easements
- Disadvantage due to non-compliance with zoning or development laws
At Hunter Legal & Conveyancing, we are happy to advise and apply for Title Insurance on your behalf as part of our property conveyancing services in Maitland, Newcastle, or anywhere in NSW. Call us today on 1300 224 828 to learn more about this type of insurance coverage, or to find out about the other services we have to offer.