Join Australia's most dynamic and respected property investment community

Title Insurance - Is it worth it

Discussion in 'Legal Issues' started by D.K, 19th Sep, 2016.

  1. D.K

    D.K Active Member

    Joined:
    18th Jun, 2015
    Posts:
    34
    Location:
    WA
    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
     
  2. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

    Joined:
    19th Jun, 2015
    Posts:
    1,224
    Location:
    NSW
    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.
     
    D.T. likes this.
  3. LifesGood

    LifesGood Home Building & Development Consultant Business Member

    Joined:
    26th Jun, 2015
    Posts:
    643
    Location:
    Perth WA
    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.
     
    Propertunity likes this.
  4. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,758
    Location:
    Perth WA
    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?