Regardless of where you buy your property in Perth, we can all agree that it is imperative to safeguard your property from the unknown.
After all, buying property is both exciting, but it is also a serious undertaking that comes with risks. With that being said, have you heard of Title Insurance?
There are a myriad of threats that could crop up, and could impair your right to occupy and use your land. Title Insurance is a simple policy that could protect you from unknown property ownership risks. I recommend Stewart Title to my clients, and will be outlining this policy in this article.
A Title Insurance policy provides cover for risks including:
- Illegal building work
- Survey and boundary defects
- Registration gap
- Planning and title defects
- Outstanding rates and taxes
- Fraud, forgery and identity theft
It is also important to note that Title Insurance does NOT cover:
- Home and contents insurance
- Building insurance
- Risks that are created by you, the owner
- Risks that do not cause you a loss
The key features of Title Insurance include:
- The premium is a one-time payment
- The protection lasts until you sell the property
- There is no excess in the event of a claim
What are the types of Title Insurance that exist?
- Residential property
- Strata property
- Vacant land
- Commercial property
- Rural-residential property
Final note from our Director, Megan
Often times, clients ask why I strongly recommend Title Insurance. It’s not to protect me as your settlement agent, it’s to protect my clients as buyers. Title Insurance considers the unknown risks associated with your property. It covers things I can’t find out for you as part of the settlement process.
Disclaimer: Please note, the contents of this article do not constitute conveyancing advice, are not intended to be a substitute for conveyancing advice and should not be relied upon as such. You should seek conveyancing advice or other professional advice in relation to any particular matters you or your organisation may have. To find out more, please contact us.