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Title Insurance

Discussion in 'Real Estate' started by Jacque, 29th Jan, 2009.

  1. Jacque

    Jacque Team InvestEd

    Joined:
    16th Jun, 2005
    Posts:
    1,885
    Location:
    Sydney
    Curious to see if anyone here has taken this out when purchasing real estate and if they've ever had to use it to make a claim.
    Am investigating it at the moment to see if it's worthwhile in protecting the puchaser thoroughly from issues such as non council approval/compliance and boundary issues.
     
  2. Billv

    Billv Getting there

    Joined:
    15th Jul, 2007
    Posts:
    1,796
    Location:
    Sydney, NSW
    Hi Jacque

    I didn't know that this was available

    Any idea what it costs and does it cover auctions?

    My nephew bought a property in an auction he found the last minute and he didn't have time to research the property.

    He later found that the extension at the back of the house was all illegal and had to demolish it and build it from scratch at the additional cost of $150K

    He wasn't at all happy.....

    cheers
     
  3. Jacque

    Jacque Team InvestEd

    Joined:
    16th Jun, 2005
    Posts:
    1,885
    Location:
    Sydney
    Hi Bill

    The two biggest title insurers, from what I've been told, are Stewart Title and First Title. Please find attached brochure for Stewart. Approx costs are $800 for a house around $1m. Best to speak to them in detail about what they do and don't cover, but the more I hear about it, the more I like the idea. It means you could proceed to a sale on a house without waiting for unnecessary holdups such as council records, surveys etc and then put a claim in based on any illegal work or survey encroachments.
     

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