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Property News

Insurance may be the key to a safe future

January 31, 2012

More consumers across Australia are looking to take up the option of Title Insurance when they are purchasing a home. Title insurance policies cover a range of options and offer risk protection for consumers including:

 

Illegal building works being discovered that could result in the council ordering you to demolish or repair parts, if not all, of the property

 

Someone else claiming an interest in your land by way of a caveat being lodged This can occur between settlement of your purchase and the title being registered in your name


Fraud or forgery resulting in a challenge to your ownership, or in a fraudulent mortgage being registered against the property

 

Any issue that would have been revealed in an up to date survey revealing boundary or fence issues


Zoning issues which prevent you from residing in the house or extending the home

 

 

Outstanding rates and taxes or strata fees from previous owner which you could become liable for after settlement

 

 

One of the emerging products has been Title Insurance.


Consumers can be insured for all property transactions, and responsible Settlement Agents are advising property purchasers of the right products to consider.


Title insurance provides protection against a wide range of risks on any property transaction, basically insuring that the owner of that property has good title. Title insurance is a common product purchased with property transactions throughout Canada, UK, Europe and America and is predicted to be an essential product of any property transaction of the future.  


Premiums are a one off cost starting at around $300 exclusive of GST and stamp duty and the cover lasts for the life of the ownership of the property.


Our LJ Hooker offices around Australia are ready to assist you on the options available, simply visit your local office or www.ljhooker.com.au for details.

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