July 14, 2018

The Last Resort and Title Insurance

The deal is done and you’ve moved into your new home. It’s your dream home…

…but is the dream home everything it’s cracked up to be or are there hidden issues just waiting to bite you?

So, what might the hidden issues be? Well, one area which always causes Lawyers concern is the council search. The council search might, for example, indicate that there is not a requisition or note against the property. Sometimes Council records are just simply wrong and sometimes they’re not.

Then the standard REIQ contract does now allow for Council notes. Whilst Council requisitions are generally dealt with in the Contract and place an obligation on the Seller to have the requisition removed, notes are left to the Buyer to deal with. Having a note removed can in some instances be expensive so this is where title insurance can be important and save the day.

Issues such as damaged or faulty parts of a building are generally covered by title insurance.

Then there is the issue of encroachments from your land onto adjoining land or from an adjoining neighbour onto your land.

A bit of a nightmare really! Keep in mind that in Queensland, it’s buyer beware. The onus rests on you and, in some instances, searches of the property you are buying will not cover every eventuality.

Non-approved building alterations, survey pegs in the wrong place, delays in title registration, outstanding levies etc. are just some things which are covered under the insurance.

Title insurance is something which we recommend and can save home owners much worry and expense.

Do the right thing by yourself and at least consider title insurance.

You can learn more about title insurance here.