Whilst Title Insurance is NOT compulsory, it is a great option and we highly recommend that you take out title insurance. If you buy insurance to protect your furniture and household items it only makes sense that you would buy Title Insurance to protect your legal ownership of the property.
Title insurance typically lasts whilst you are the owner of the property. Policies vary but they can offer a level of cover in a range of instances for example:
Title Fraud – with your title being an Electronic record now this delivers great peace of mind. This protects homeowners if someone is able to change the title ownership online fraudulently effectively stealing your house. Title fraud has occurred where homeowners have had their properties transferred out of their names and sold underneath them. It is one of the most important types of cover you can possibly have and given online transactions there is the potential for this type of fraud to happen more easily.
Lot Dimensions – If you later find out that the land size is not as per the plan you may have a claim if it is less than on the plan. The insurance company would typically pay you the value of the land if you were successful in a claim.
Illegal Building Works – Most policies offer some level of cover. The level of cover can vary, but usually you would be paid for your cost to fix the illegal building works up to the policy limit. You also do not need to do your own investigations to see if anyone has done illegal works or the proper permits have not been submitted.
Adjustments & Outstanding Rates – Some policies cover you if there are outstanding taxes or rates that you have to pay if the conveyancer did not correctly calculate the settlement figures. This can happen frequently and title insurers do pay out relatively quickly on these types of claims.
We always recommend that you should buy title insurance to protect your most valuable asset. Title insurance is a once off payment and covers you generally for the time you own the property. You should always check the Policy for your specific level of cover.
At PCL Lawyers we are not just an individual, but a team that has many years of experience in property law and litigation. We can get you answers quickly when needed and our service is highly rated. Make sure you get professional legal advice and a team that will handle your matter successfully.
If you’re looking for an experienced conveyancing solicitor to handle your property transaction, contact us today on 1300 907 335.
Please note: the above article is not legal advice. Every circumstance is different. It is critical that you obtain legal advice in relation to your personal circumstances before taking any action.
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