If you are considering to buy a real estate property in Western Australia, opting for the title insurance could be a smart decision. Title insurance could protect you against some risks associated with the purchase of a real estate property. Such risks could threaten your legal ownership of the property. A competent real estate conveyancer in Perth can provide you with the information of only some risks associated. However, there might be some undisclosed or unknown at the time of signing your contract. To have the best protection cover against the risks, you could opt for title insurance cover.
What Is The Functionality Of A Title Insurance?
Title insurance covers the risks that may threaten the ownership or adversely affect the right of land occupation. The risks may not be immediately apparent. The title insurance policy covers for the risks that were unknown or undisclosed during the time of contract signing. The following list will help you understand clearly the nature of some of the risks that are covered by Title Insurance.
➤ Issues in relation with the property survey and boundary
➤ Illegal building works
➤ Forgery, fraud and identity theft
➤ The unpaid taxes and rates
➤ The unregistered interests and easements that affect your interest
➤ Loss incurred because of non-compliance with the zoning and development laws
Title Insurance Offers
➤ A one time premium and a no excess payable on claims
➤No cap on cover except for the policy amount
➤ No cap on cover except for the policy amount
➤ No fault claims process which means you only have to prove that you have suffered a loss based on matters that are covered under the policy
The Final Analysis
The combination of the title insurance and conveyancing services is capable of offering the best protection against any unforeseeable risks or fraudulent transactions of a real estate property. You should choose title insurance after reading the policy carefully and talking to your competent Real Estate Conveyancer who can give you more information and assist you in obtaining Title Insurance.