Title Insurance and why it is important…
Purchasing a property is often one of the biggest investments any of us make during our lifetime, so it makes sense to ensure that your hard-earned money is covered by Title Insurance.
We always recommend all of our buyers to apply for Title Insurance upon the purchase of their property. However, it can be purchased at any point as long as you are listed on the Certificate of Title.
Title Insurance covers a wide range of risks involved with real estate transactions, some of which are listed below:
? Illegal Building Work – If the property has structures built by the previous owner which is not approved by the Local Authority.
? Registration Gap – Provides protection if dealing is lodged by someone else during the registration gap, preventing your interest from getting recorded or registered.
? Survey/Boundary Defects – Sometimes, a structure/fence might have been previously built, which intrudes on a neighbour’s property.
? Planning & Title Defects – Title Insurance protects you from the charge which may be associated with current planning and zoning laws, lack of legal access, or unregistered easements.
? Outstanding Rates & Taxes – If any unpaid taxes or rates were not settled by the previous owner Title Insurance will cover you for these.
In conclusion, we believe EVERYONE should have Title Insurance; it is a relatively small fee paid once only and covers you for the life which you remain listed on the Certificate of Title.
We have had experience with many buyers who have benefited hugely from their Title Insurance Policy.
Have any questions?
Feel free to contact us or the team at @stewarttitleco for more information!