Do I need Title Insurance?

Are you sure it's your home?

You'd pay over $500 to insure a $20,000 car every year... did you know its cheaper to insure your property title and your cover lasts the life of your ownership?

Imagine this for just one moment...

You look to list your house only to find out that the very house you've watched your family grow up in isn't actually yours and the title is in someone else's name...

or

After years of long hours, saving hard, you buy your dream home only to learn that the boundaries of your property were not correct and your dream home needs to be altered or pulled down so as not to cross your neighbours boundary...

Sounds far fetched right?... Sadly its not, we are seeing more and more of these stories pop up in the news on a regular basis, lets look at a less dramatic case, you buy a 1000sqm block of land for $200,000 with the intentions of building a home and for some reason when marking out your block it has been cut a meter short down the 50m length of the block, hardly noticeable, you go ahead and build, put up a fence and feel happy in your new home - the best case scenario is you live happy not knowing you have $10,000 less land than you paid for or... then neighbours come along and it becomes apparent that a mistake has been made and at the very least you need to pull down and move the fence and fix all the gardens along the fence line, an expensive exercise, with title insurance all this could be avoided.

What is Title insurance?

Title insurance is a specialised type of insurance which provides protection to home buyers and existing home owners of residential property against certain unknown and hidden risks which may exist at the time of purchase. 

Title insurance covers you for:

  • Illegal and non-compliant building work
  • Survey and boundary defects 
  • Registration gap
  • Fraud, forgery and identity theft, where the legal owner is deprived of their ownership (increasing number of property fraud cases)
  • Outstanding rates & taxes

How does it work?

  • You only pay once for the term of your ownership (even if you have been in the same house for 20 years its worth considering)
  • No excess on claims
  • No fault - no blame is required, you only need to prove you've suffered loss
  • No cap - other than your policy amount

What does it cost?

For the average home, title insurance costs between $300-$400.

Where do I get Title Insurance?

Quality Conveyancing Solutions are available to talk this over with you, give them a call, send an email or even message through social media if that's your thing. Jen will complete all the required paperwork on your behalf and lodge it for you. 

Its easiest to get at the time of conveyancing however not all conveyancers offer this added service, so ask the question up front. 

This once off insurance could save you and your family from financial ruin, if you are even the least bit concerned, give me a call and talk it through, it costs nothing to ask.  

If you found this article useful, please share with friends and family. 

 

For further information please see:

Quality Conveyancing Solutions utilise and recommend Stewart Title, see the links below to find out more from them. 

http://www.stewartau.com/multimedia/brochures/TitleInsuranceNonstrata.pdf

https://youtu.be/RL3mHsHZJUM