When acting for a Purchaser in a conveyance I will always provide information and a quote on Title Insurance. I am often asked – ‘What is Title Insurance and why do I need it?”
Title Insurance is a specialised type of insurance available to purchasers and homeowners. It effectively manages the risks inherent to conveyancing transactions and provides cover for as long as you own the property.
The most common inherent risks include:
Illegal structures – building for which approval was never issued
Incorrect boundaries – caused by encroaching structures
Illegal structures are often only discovered once a homeowner puts in an application for an extension and as part of the approval process the illegal structure is discovered. The homeowner can be asked to remove the illegal structure at their own cost, which can be both expensive and inconvenient.
Title Insurance provides a one-time premium that safeguards you against losses arising from covered risks.