Title Insurance and/or Caveat

Discussion in 'The Buying & Selling Process' started by AusMover, 6th Aug, 2015.

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Did you opt for Title Insurance and/or filed a Caveat

  1. Opted for Title Insurance only

  2. Filed a Caveat only

  3. Yup, did both!

  4. Nah.... didn't go for either after careful thought.

  5. Didn't go for either, because didn't know about these at that time.

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  1. AusMover

    AusMover Well-Known Member

    Joined:
    25th Jul, 2015
    Posts:
    50
    Location:
    Melbourne
    Hello friends,

    I read a few threads on the Title Insurance and/or Caveat in the old Somersoft forum. Tried to search using the keywords on the new PC, but couldn't find a thread on this topic here.

    So, thought of asking what is the general consensus these days with people about the usage of these 2 options while buying their House .....

    Please share did you opt for Title Insurance and/ or filed a Caveat for your PPOR or IP recently?

    If not, please share your views that made you decide not to go for these?

    If you did, please share did you analyse the need of these or just went for it based on Conveyancer's advice?

    PS: Already read about the Black v Garnock case that is quoted everytime ....

    Thank you. :)
     
    Last edited: 6th Aug, 2015
    AusMover, 6th Aug, 2015
    #1
  2. Propertunity

    Propertunity Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    3,476
    Location:
    NSW
    In my experience most buyers do neither due to the extremely low risk of a Black V Garnock case ever happening again.

    If it is old system title, or limited & / or qualified title and they don't want to go to the expense of a survey, Title Insurance is actually cheaper (although not an excuse for sloppy conveyancing).

    Lodging a caveat was actually specifically disallowed in the special conditions of a contract I saw a few years back. When I questioned the vendor's solicitor about why he put that special condition in there, his response was "Do you know how hard it is to get a caveat taken off a property if one of the purchasers die?" (I don't know whether I was being fobbed off or not as I'm not a legal eagle).
     
    Propertunity, 6th Aug, 2015
    #2
    AusMover likes this.
  3. Chilliblue

    Chilliblue Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,605
    Location:
    Australia
    Old title was the reason we took out title insurance
     
    Chilliblue, 6th Aug, 2015
    #3
    AusMover likes this.
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