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6 months ago

DO I NEED TITLE INSURANCE WHEN BUYING A PROPERTY_

Title insurance is a

Title insurance is a minor cost, but it could be a major protection for your property purchase. If you're buying a property, chances are you've already been told about a number of insurance policies. While your home and contents insurance will protect your physical investment, title insurance can be crucial in protecting your ownership rights. is title insurance? What insurance is a policy that provides coverage for risks that could Title the ownership of your home and your legal rights to it. impact title insurance is common in the United States, it's still a While relatively new product to the Australian market. are your lender will already have title insurance. Since Chances hold the title to your property as security, they'll want to they their investment and their legal rights to the property in the protect you default. But their policy doesn't cover you. event you can take out your own title insurance policy to cover However, against risks that ownership issues could arise both before yourself after settlement. While conveyancing will uncover many of and potential risks, there are other risks it can fail to uncover. these insurance also protects you from risks that arise in the future. Title can be risks such as forgery and fraud, encroachments and These unregistered easements on your property.

does it cover? What insurance covers different risks depending on whether your Title is a strata or freehold title. It will also provide different property of cover depending on whether you're a home buyer or types home owner. existing a residential home buyer, title insurance will cover risks like: For defects and planning errors Title additions and building work Illegal council rates and water rates Outstanding with existing zoning and planning laws Non-compliance claims on the land Third-party gaps Registration and forgery Fraud and boundary defects Survey For a strata home buyer, title insurance will cover risks such as: alterations Unapproved council rates and water rates Outstanding gaps Registration and forgery Fraud defects and planning errors Title due to existence of a covered title risk Unmarketability For existing homeowners, title insurance will cover risks such as: building work Illegal defects and planning errors Title and forgery Fraud and boundary defects Survey

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