Blog & Market Updates

Title Insurance: Should you obtain it?

Here's a great Blog from our highly recommended Matt Duker from Conveyancing Excellence! Its great protection when you purchase and peace of mind after you settle!
Call Matt on 9557 3344 regarding contracts of sale prior to purchasing! Don't sign anything unless you have a solicitor or conveyancer look over the contracts and vendors statement.
 
Caveat Emptor - Buyer Beware!

 

 

Should I obtain “title insurance”?

At Conveyancing Excellence, we strive to protect the interests of our clients. One small one we do this is by recommending that our purchasers obtain title insurance over their properties. Here’s a good example as to how title insurance came in very handy for clients of ours, Nick and Lyn, last year when they bought their home…”We are very happy that Matt from Conveyancing Excellence recommended that we take out First Title Insurance prior to settlement of our property in April, 2015. Consequently, we were required to lodge a claim due to excessive leakage and drainage problems discovered shortly after we moved in.

The council came and inspected our concern and later issued a Building Order because the veranda was constructed without a Building Permit and was deemed an illegal construction. We claimed on our First Title Insurance Policy. Our claim was accepted without any problems and so the process began with assistance from a Building Surveyor, Architect, Council and us obtaining quotes from builders.  Our selected builder’s quote was approved by First Title. We were happy with our builder and the work conducted.  The costs totalled over $20,000 and we now have a Certificate of Final Inspection and a new and compliant veranda (amazing value for a policy costing less than $500). Keeping First Title informed of the progress was important. Excellent service from all parties.” Nick and Lyn T.

So, next time you purchase a property, maybe perhaps you should ask yourself “Can I afford not to obtain title insurance?”.  Matt Duker

 

source: https://conveyancingexcellence.com.au/should-i-obtain-title-insurance/