"Conveyancer of the Year 2015, AICNSW" ~ "Title Insurance"


We are proud to announce Garth Brown, Principal of Brown and Brown Conveyancing has received the prestigious award of Conveyancer of the Year 2015 by the AICNSW at their annual awards evening on 24th October, 2015. Read More ...

Garth Brown, B. Bus, Fellow of AICNSW, JP


TITLE INSURANCE

Title Insurance is all about coverage for risks AFTER date of Settlement (risks not known or, known risks - with additional premium) to all parties prior to signing Contract and before Settlement) via compensation for loss in value or reimbursement of expenses in the future.

It is a specialised type of insurance which provides protection to home buyers and existing home owners of residential property.

When buying a property there are many inherent risks which may cause you loss or affect your ownership, Title Insurance is the only means to provide the most comprehensive protection against risks which may affect your legal ownership of your home.

Title Insurance has only been in the Australian market for about 12 years – before then it did not exist. However, in America – it is part of the Conveyancing Process and is effected on Purchase files and has been around in that Country since the 1860's.

Please watch the following youtube video explaining Title Insurance: youtube.com/watch?v=RL3mHsHZJUM&feature=youtu.be

What does Title Insurance Cover?

For a Home Buyer - Residential
• Illegal Building Work
• Survey/Boundary Defects
• Registration Gap
• Fraud, Forgery and Identity Theft
• Planning and Title Defects
• Outstanding Rates and Taxes
• Coverage for unregistered Easements or covenants on Title

For a Home Buyer - Strata
• Unapproved Alterations
• Registration Gap
• Fraud, Forgery and Identity Theft
• Planning and Title Defects
• Outstanding Rates and Taxes
• Coverage for unregistered Easements or covenants on Title

For an existing Home Owner
• Fraud, Forgery and Identity Theft
• Illegal Building Work
• Survey/Boundary Defects
• Planning and Title Defects
• Coverage for unregistered Easements or covenants on Title

For Vacant Land
• Unsatisfied Conditions of Development Approvals
• Fraud, Forgery and Identity Theft
• Survey/Boundary Defects
• Registration Gap
• Planning and Title Defects
• Outstanding Rates and Taxes
• Coverage for unregistered Easements or covenants on Title


What does Title Insurance Cost?

1. One time premium provides protection forever your Conveyancer will advise you of premiums.
2. No excess payable on claims.
3. No fault claims process means you don't have to prove fault or negligence - you only need to prove that you have suffered actual loss based on cover that the policy provides.
4. No cap on cover apart from the policy amount.
5. 200% 'inflation' allowance for increases in the value of the property over time.

 

Garth Brown's Comments
As long as there has not been indication prior to signing the contract and before settlement - of an unapproved Council Building Structure, Boundary encroachments, acquisitions by Railways, Education Department or Roads, and other see above, the Title insurer will come in and compensate you for the loss at a later date. It's managing your risks.

In our October 2015 eNewsletter Vendor Disclosure we highlighted the importance of Statutory Searches these are only valid up to the date the Search is conducted, not years after Settlement, refer: conveyancers.net.au/enews2015/october.htm

A Statutory Search will show up on the register if a railway, road, school, power poles or other DA has been proposed and agreed to at the time of the search, this is the key proposed and agreed to, not proposed and in the pipeline before agreement. Whereas Title Insurance covers you for any of these matters if they are uncovered after settlement.

The Title Insurance costs are so small compared to the cost of the property and stamp duties, it's a once off premium and provides risk coverage for the Purchaser for as long as the Purchaser is the owner of the property.

As a CPC (Certified Practising Conveyancer) – we do every Statutory Search available to reveal what is happening at the time of the search, however, it is impossible to know everything that is going on unseen and in the pipeline that could pop up later on say 10 or 20 years down the track and devalue the property that is why at Brown and Brown Conveyancing it is our policy to always Title Insurance every Purchaser for their lifetime ownership of the property protection.


 

Please do not hesitate to contact Garth Brown for your obligation free consultation on 1300 ASK CPC

Our next eNEWS February 2016 - “Mine Subsidance”

Garth Brown, B. Bus, Fellow of AICNSW, JP


Brown and Brown Conveyancing
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