During your conveyancing process, there are some information aspects of the property that may not be available not everything gets uncovered prior to purchase.

As the new owner, you may be exposed to future problems such as:

Incorrect boundaries (which are - Mmore common than you think)
Structures encroaching on your land
Errors on property enquiries & searches including - Rrates debts or , land tax
Adjustments of rates &and charges , causing a loss
Identity theft – Tthe transfer of ownership without your knowledge
Illegal or /unapproved structures

These issues can prove costly and for something that wasn’t even your fault!

The best option to achieve some protection is known as Title Insurance. These policies are designed to protect a purchaser from potential unknown issues with your new property. A one-off fee (approx $400 - $1,400) renders the policy valid as long as you own the property.

If a claim arises, the insurer then aims to compensate you for the costs of rectification (subject to certain limits).

This policy may be implemented in substitution of a range of searches you could undertake prior to your settlement. Costs of some searches are essentially replaced by a premium for a policy designed to cover you for a multitude of issues.

Policies can be arranged through us, with premiums generally paid as part of the settlement process. It’s an easy way to help protect one of the biggest purchases you will ever make.

Make sure you speak to us your conveyancer about Title Insurance before your settlement date.

If you have any questions about your situation, contact me via leah@stevensconveyancing.com.au or call 0414 894 031 to discuss.

Please note that the information contained in this article is of a general nature only and does not constitute legal advice. Stevens Conveyancing does not take responsibility for any errors or omissions obtained from the use of this information.