Have you heard of Title Insurance before? KDD Conveyancing is Perth’s leading settlement agency and we’ve prepared a resource to run you through the must-knows of Title Insurance. So, what is it?


What is Title Insurance?

This area of insurance protects against potential risks that can impact the legal ownership of a purchased property (or your right to occupy and use the land, therefore causing financial strife). In short, it includes the risks unknown at the initial contract signing, that were beyond the range of scope for a settlement agent or lawyer.


What does Title Insurance cover?

Title insurance covers the following instances:

  • Unapproved building work
  • Registration gap
  • Fraud, forgery and identity theft
  • Boundary and survey defects
  • Planning and title defects
  • Outstanding rates, taxes and levies
  • Unpaid local infrastructure or improvement levies.


And, what’s excluded?

Title Insurance does come with strict exclusions. These include:

  • Problems that cause no damage or loss
  • Risks that arise from not paying the full value for the land
  • Claims for which there’s protection under home and building insurance
  • Boundary walls or fences
  • Native title claims
  • Environmental contamination or protection
  • Pest infestations.

Concerned about something specific? Talk to a Title Insurance specialist, as this is unlike standard cover on the market.


Why is Title Insurance important?

Essentially, it’s operates like any other insurance policy. If you’re concerned that a property you’re looking at has risks, it’s worth considering Title Insurance. For example, these risks might be an illegal building or property additions that haven’t received council approval, survey and boundary issues, any type of fraud, outstanding rates and unpaid levies.

This type of insurance protects you, as the purchaser, against loss due to title and property-related problems that are already present but weren’t expressed or revealed to you. There are different variations of cover that you have access to.

Standard policies typically range from residential, strata, rural-residential, commercial and vacant land. If you already own a property, you can still get cover. It doesn’t need to be taken out at the time of purchase.


Title Insurance coverage as a risk management tool.

Title Insurance gives you, the buyer, peace of mind. When it comes to anything property-related, you don’t want to take any risks. Nor do you want to be the one who pays for a previous owner’s mistakes. This insurance protects you for the possibility of someone else who cut corners. That’s not you.


How much does Title Insurance cost? – Is it a one-off fee? How long does it last?

Title Insurance is a one-time fee, which can be as low as $272.25 for a residential policy. It will cover you for the lifetime of ownership. It’s best to speak to a professional who can customise coverage based on your unique situation.


Where can I get a Title Insurance? How do I take out a policy?

Us! Well, there are two providers in Australia, and Stewart Title is our preferred provider.

Stewart Title Australia | LinkedIn

KDD Conveyancing will take out a policy on your behalf and email the policy to you. To organise a Home Title Insurance quote, contact our conveyancing Perth specialists on 08 9296 8717.


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