What is title insurance?
Title insurance is a specialised insurance that provides protection to home owners against unknown and hidden risks that may exist at the time of purchasing a property.
Why do you need title insurance?
Even the best conveyancer or property lawyer cannot identify all potential risks to your property during the conveyancing process. Title insurance provides that extra level of protection against the unknown.
So, what risks can title insurance cover?
- Illegal or unapproved building works
- Survey or boundary defects
- Registration gap
- Fraud, forgery and identity theft
- Planning and title defects
- Outstanding rates and taxes
- Zoning issues
- Breach of relevant laws
- Forced removal or remediation of structures due to thirds party work
Top points for title insurance
- It is a one-off premium
- There is no excess on claims
- No fault claims – no fault or negligence needs to be proved
- No cap on cover apart from policy amounts
What is the cost to you?
The premium varies depending on the value of the property and the type of property you are purchasing, enquire with your conveyancer or property lawyer to find out more.
If you would like to know more about title insurance please contact Coutts on 1300 268 887.