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Title Insurance

Discussion in 'The Buying & Selling Process' started by spider, 7th Aug, 2015.

  1. spider

    spider Member

    Joined:
    22nd Jun, 2015
    Posts:
    9
    Location:
    sydney
    Hi,
    I am in the process of purchasing in Perth. I would be interested in the forum's views on Title Insurance. Reading up I don't think it is necessary but hey what do I know?

    S.
     
  2. Chilliblue

    Chilliblue Well-Known Member

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    18th Jun, 2015
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    1,579
    Location:
    Australia
    We took title insurance n a property that under an old title system.
     
  3. WestOz

    WestOz Well-Known Member

    Joined:
    19th Jun, 2015
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    625
    Location:
    WestOz
    If its an older area that's had a few changes over the years which may have impacted the property boundaries they maybe out, a neighbors fence or worse maybe a meter inside your boundary etc, won't know until you have it surveyed which short term until you need it (if) costs allot more than Title Insurance.

    E.g; A property I just purchased was once part of a large farm, then a smaller farm, then it was ~5 acres, then it was ~3000sqrs with street frontage front and back, the same owner then built 5 units on it then later split the block into two titles, when purchasing one of them I could only assume he put the fence on the boundary rather than where it suited him at the time (a meter off an old fishing cabin/shed), its now an R60, when it comes time to redevelop and find the boundaries are out a few hundred bucks I paid for Title Insurance will look after it for me.
     
  4. Chris White

    Chris White BUYERS AGENTS & PROPERTY MANAGERS Business Member

    Joined:
    7th Aug, 2015
    Posts:
    118
    Location:
    BRISBANE | SYDNEY
    I think title insurance would be worth the peace. I took it out recently for a property that I purchased and always tell my clients buying established houses that its a good idea.

    The solicitor that we work with advises all there clients to take it out as well.
     
  5. legallyblonde

    legallyblonde Well-Known Member

    Joined:
    23rd Jun, 2015
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    685
    Location:
    TAS
    My corps law lecturer is pro-title insurance. Apparently it is their most lucrative form of income.
     
  6. nikkig

    nikkig New Member

    Joined:
    2nd Jul, 2015
    Posts:
    2
    Location:
    South East Melbourne
    We took out Title Insurance when we purchased our first IP last year. Lucky we did too....
    Received a Water Bill shortly after settlement for several hundred dollars, with charges relating to previous quarter (pre settlement date), clearly not ours to pay. So you'd think anyway. Water Company advised that the account stays with the property and is therefore the responsibility of the current owner. We even had a report where water company advised NIL $ owing prior to settlement, but they still wouldn't wipe the bill, even though it was their error. Ended up paying the damn bill after a few months of getting nowhere.
    Turned out that we were able to make a claim for reimbursement through the Title Insurance we'd taken out. Claim process was stress-free and no-fuss. Cheque was received shortly after. Claim was for more than it cost us to take out Title Insurance, so I figure it was worth taking out.
     
    Chilliblue likes this.
  7. Chilliblue

    Chilliblue Well-Known Member

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    Australia