Purchaser Title Insurance Policies
Property & Conveyancing
Title Insurance
When purchasing property, the security of your investment is paramount. Title insurance is a specialised type of insurance that plays a crucial role in safeguarding buyers against losses arising from defects in a property title.
At Burgess Thomson, we provide expert legal advice to help you understand and navigate the complexities of title insurance for your property transactions.
What is Title Insurance?
Title insurance protects real estate owners against any property loss or damage they might experience because of liens, encumbrances, or defects in the title to the property. Each title insurance policy is subject to specific terms, conditions, and exclusions.
Coverage Provided by Title Insurance
Title insurance policies cover a broad range of risks that can affect the ownership of your property. These risks include:
- Undiscovered liens: Previous debts by prior owners that might surface.
- Document errors: Filing errors or inaccuracies in public records.
- Forgery and fraud: Protection against fraud in the title transfer process from past owners.
- Encroachments and easements: Issues that might not have been disclosed or previously known.
Benefits of Title Insurance
Title insurance offers significant benefits that make it a vital consideration for any property transaction:
- One-time fee: Unlike other insurance policies that require ongoing premiums, title insurance involves a one-time payment made at the time of property purchase.
- Peace of mind: It provides buyers with peace of mind knowing that they are protected against potential title defects.
As a purchaser and owner of real estate, you are exposed to various risks that could affect your legal use and ownership of your property and cause you a financial loss.
Title Insurance is an inexpensive way of managing certain risks such as:
- Complete loss of legal ownership due to a fraudulent sale or mortgage of your property,
- Demolition or upgrading orders issued by Council in relation to structures illegally built on the property by a previous owner for which you are now liable to comply with,
- Any adverse matters that would have been revealed in an up-to-date survey report,
- Forced removal of a structure illegally built by a previous owner over an adjoining boundary (excluding boundary walls and boundary fences)
- Non-compliance with zoning and planning laws and conditions.
For further information on Title Insurance please see the following YouTube videos:
The premium is a one time payment and cover provides protection for the duration of your ownership of the property.
A title insurance policy provides cover for risks including:
- Illegal Building Work
- Survey & Boundary Defects
- Registration Gap
- Planning & Title Defects
- Outstanding Rates & Taxes
- Fraud, Forgery & Identity Theft
The key features of a title insurance policy are:
- 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;
- You are covered for the full value of the property (e.g. if your property is valued at $500,000 then the cover is for $500,000). In the event of a claim relating to unapproved building work cover is provided up to $160,000.
Please let us know if you would like us to obtain a quote from Stewart Title for Title Insurance on your purchase.
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How Burgess Thomson Can Assist with Title Insurance
Expert Legal Guidance on Title Insurance
Our team at Burgess Thomson is equipped to guide you through the intricacies of title insurance. We offer:
- Policy Review and Advice: We review your title insurance policy details, helping you understand the scope of coverage and identifying any aspects that require further negotiation or adjustment.
- Risk Assessment: We assess potential risks associated with your propertyβs title and advise on the appropriateness of title insurance as a risk management tool.
- Claim Assistance: Should you need to make a claim on your title insurance, our team will provide expert legal assistance to ensure the process is smooth and that your interests are adequately protected.
Seamless Integration with Property Transactions
Why Choose Burgess Thomson for Title Insurance Advice?
- In-depth Expertise: Our lawyers are knowledgeable in both property law and the specific nuances of title insurance.
- Tailored Solutions: We provide solutions tailored to meet the specific needs and concerns of each client.
- Proven Track Record: With years of experience in the legal industry, our firm has a proven track record of protecting clientsβ property investments through meticulous legal services.
Secure Your Property with Title Insurance
Investing in property involves significant financial decisions and potential risks. Title insurance is an essential tool in your property buying process, offering protection against possible future legal issues arising from title defects. At Burgess Thomson, we are committed to ensuring that your property investments are secure and protected.
Contact us today to discuss how we can assist you with your title insurance needs and help secure your property investments against unforeseen risks.
FAQs
Title insurance provides coverage for as long as you own the property. It is a one-time purchase that continues to protect your property against historical title defects indefinitely.
Unlike home or property insurance, which protect against future events like fire or theft, title insurance covers past title issues that could affect your rights to the property. It is proactive, covering events that occurred before you purchased the property.
Title Insurance provides cover in relation to certain unknown and hidden risks that may cause you loss or affect your ownership, such as:
- Demolition or upgrading orders issued by Council in relation to structures illegally built on the property by a previous owner or in relation to illegal alterations to your strata unit for which you are now liable to comply with (maximum of $160,000 to be provided for a claimable event);
- For properties with a land area of 50 acres or less, any adverse matters that would have been revealed in an up to date survey report;
- Forced removal of a structure illegally built by a previous owner over an adjoining boundary (excluding boundary walls and boundary fences);
- Non-compliance with zoning and planning laws and conditions;
- Non-compliance with easements and covenants which burden your land;
- Non-compliance with By-Laws or other obligations which are registered on your title; and
- Complete loss of legal ownership due to a fraudulent sale or mortgage of your property.
We are able to arrange Title Insurance on your behalf through Stewart Title.
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