Title Insurance for Home Buyers
When buying a property there are many inherent risks which may cause you loss or affect your ownership. Title insurance is a specialised type of insurance that provides home buyers with protection against certain unknown and hidden risks which may exist at the time of purchase.
Cover is Provided for a Broad Range of Risks*
Illegal Building Work
Enforcement action by a Local Authority in relation to illegal structures which have been built without the required Council permits or which do not comply with those permits of which you are unaware at the time of purchasing the property. For rural properties this cover only applies to the primary residence including sheds, carports and garages used for residential purposes, and any swimming pool, and not to other structures on the property.
Any adverse matters that would have been revealed in an up-to-date survey report.
Someone else lodges a dealing which prevents your interest from being registered or recorded.
Fraud, Forgery & Identity Theft
Loss due to fraud, forgery or identity theft which results in you being deprived of your ownership of the land.
Planning & Title Defects
Loss due to non compliance with existing planning and zoning laws, unregistered easements and covenants, access orders, access rights or a right of way, lack of legal access or defects in title to the land of which you are unaware at the time of purchasing the property.
Outstanding Rates & Taxes
Outstanding rates and taxes on the property which you are now liable for as the current owner of the property.
A Different Kind of Insurance
• One-time premium provides protection forever (premium schedules are available on www.stewartau.com)
• No excess payable on claims
• No-fault claims process means you don’t have to prove fault or negligence – you need only prove that you have suffered actual loss based on cover that the policy provides
• 200% ‘inflation’ allowance for increases in the value of the property over time
Premiums start from $402.93 and are inclusive of GST and stamp duty. There is a once only payment and the policy does not need to be renewed. Cover is provided while you own the property.
Title insurance is optional. It can be purchased at any time and provides cover while you own the property. Contact us if you would like more information about title insurance or go to http://www.stewarttitlelimited.com.au/PropertyPurchasers.html
*Please note that coverage under the policy for unapproved building work is capped at $150,000 and coverage for boundary and survey risks will not apply to land where the land area size exceeds 50 acres.
Please note that the information on title insurance provided is solely for general information purposes only and does not relate to your personal circumstances. It is not intended to be a complete description of all the terms, conditions, exclusions applicable to the title insurance product. We are unable to provide any advice regarding title insurance. You should contact the local representative or the title insurer directly for specific advice in relation to the title insurance product and for a copy of a sample policy.