Title insurance for SMSF factory purchase?

Discussion in 'Commercial Property' started by srirang, 29th Oct, 2018.

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  1. srirang

    srirang Well-Known Member

    Joined:
    19th Jun, 2015
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    Location:
    Melbourne
    Hi all,

    I'm new to this forum, but have been on PropertyChat and BusinessChat for a while and before that on Somersoft.

    We have an offer accepted on a factory/warehouse unit in VIC. The vendor currently holds it in his super and we'll be buying under our new SMSF.

    The property is not under a mortgage and the vendor holds the title. My conveyancer has stated that we should consider getting Title Insurance.

    Is it worth it and how much would it cost? Purchase price is $550k.

    Thanks
    Srini
     
    srirang, 29th Oct, 2018
    #1
    2 people like this.
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Australia wide
    If the conveyancer stated this you should ask them why they recommend it.

    The vendor doesn't hold it in super, the superfund is the vendor.

    Hope your conveyancer is a solicitor.
     
    Terry_w, 29th Oct, 2018
    #2
    2 people like this.