One of the things we suggest to all our clients who are purchasing property is to consider getting Title Insurance.
Title Insurance is an insurance policy that protects a purchaser from things that they may not have necessarily identified or discovered during the conveyancing process. While we at Adams & Partners Lawyers certainly do our best, there will be some limitations as to what we can do or the searches that we can carry out.
A typical example is unauthorised building. Local Councils often have a variety of rules about what can be constructed on property, as well as the standard of that construction. Sometimes, whether on purpose or not, an owner puts something up without consent from Local Council. Most of the time such unauthorised additions can be identified by a qualified building inspector, but sometimes they escape detection. Enquiries can also be made at the Local Council, however these enquiries often take too long and do not get returned in a timely fashion.
In the event that Local Council finds out that there has been unauthorised building on the property, it can fine the owner or even order for the demolition of the unauthorised addition.
Either way, you would be out of pocket.
Title Insurance can assist you by paying for any costs associated with unauthorised building work.
There are other risks that Title Insurance can cover. These include:
- Title Defects
- Outstanding rates that have been previously unidentified
- Registration defects
and other matters.
We at Adams & Partners Lawyers can walk through these issues with you and assist you with your decision as to whether you should get Title Insurance. Give us a call today and we can sort you out.