Hi All Just purchased a rural residential property in the Perth hills on 14 acres. Settlement agent has sent through a title insurance brochure. Cost will be about $900 Question Do you think its worth getting title insurance? Have you ever used it? Thankyuou
Insurance of all types is a waste of money........until you want to make a claim. Title insurance has been discussed many times on here - just do a search.
My mum bought a villa in Perth a few years back. The council have just written to her saying that her brick fence is actually encroaching on council land and is also non-compliant. This was built well before her purchase. Had she taken out title insurance she would be covered for this. Unfortunately, it is going to be a costly exercise to rectify. It's a gamble that may or may not pay off for you in the future.
There are times I believe it's worth it - for eg, buying a recently subdivided block, a property that has lots of additions or things that aren't on the original plans. $900 seems expensive though, it's noramlly pretty reasonable. Might have to do with the size of the land I wonder?
