Buying a home or land with the purpose of doing something with it is one of the biggest thrills in anyone’s life. It offers an opportunity to lay down roots and being allowed to go to add individual style, while going furniture shopping adds to the adventure where many dreams will be played out.
While things go to plan in many cases, there are those not so fortunate who have been caught out through no fault of their own. Little did they know when completing a purchase that there could be eventualities beyond their initial control that can cause huge financial problems on top of the already expensive process. That is why it’s important for any buyers to know what is title insurance.
In a nutshell, title insurance is a policy that ensures that those horrible surprise hidden costs are covered so that the new home or piece of land doesn’t prove to be an unaffordable millstone. Unknown property ownership risks might threaten the right to occupy and use the land. Choosing to take out a policy with professionals in the insurance sector is obviously a sensible idea. Especially one with years of experience offering great customer service who will guide their clients through the process.
The insurance covers the new purchaser against illegal building works. This can occasionally occur when the previous owners decided to go ahead and erect structures, or carry out refurbishments without council planning permission, sometimes to increase the value of the property before selling it providing a double whammy to the previously unaware and distraught buyers. It’s certainly not what is required, especially after making a dream become reality as a homeowner.
Without having the correct title insurance policy, it is left to the new owners to put right previous problems, and if they haven’t got the means to do so it can end in true heartache and a devastating financial loss. There might be instances where structures have intruded and not remained within the true boundary, which again can cause huge issues.
It can be easy to make genuine mistakes when making a purchase when not being told of all the details by forgetful or unscrupulous sellers. Sometimes land can be bought where it is not possible to live as it is not zoned as residential, while even an expert conveyance solicitor can make errors when calculating land tax, rates, or strata levies incorrectly. It would be much more pleasant to head out and have fun than worrying about such issues.
The right policy taken out with experts will cover against fraud if the land is sold behind the buyer’s back to another party, and generally provide excellent peace of mind, with all issues within the terms and conditions covered to allow relaxation knowing that any nasty shocks will be covered against.
Taking out title insurance through a trusted agency ensures that no new homeowner will be culpable for events before they made the purchase, potentially saving large sums of money and lots of stress.