Did you know that 30% to 40% of Australian properties have some form of illegal building structure on them or have some other issue that could cause unpleasant surprises (and expenses) for the future property owner? While it is no replacement for a good conveyancer, title insurance aids in the reassurance process. It especially covers “unknown risks” that may not come to light during the conveyance and inspection processes. It protects against fraud and forgery. Even if all the signatures on all the documents are in place, if one of them is forged, that will affect you, the new owner. Title insurance also protects the new owner from things that are disclosed during the conveyancing process that might have led the buyer to forego the purchase but which are acceptable risks with title insurance.
Getting title insurance is a growing trend because real estate is so active and lucrative right now. Your Licensed Conveyancer can request a title insurance policy from an insurer and advise you about this.
Title insurance does not deal with all eventualities—you need your Licensed Conveyancer for that—but it is very helpful when it comes to responsibilities that may fall on the property owner after the deal has been done. Title insurance companies counsel their customers not to skip the step of getting an experienced, licensed, and professional conveyancer. When it comes to property transactions, this invaluable professional is at your side throughout the whole process.