Buying a property is likely to be the single biggest purchase that you will make in your whole life and although you might be keen to sign on the dotted line so that you get your first home or business property, you need to take a little bit of a step back and make sure that everything is above board before you commit to paying for something over the next 25 to 35 years. Obviously, we try to do our due diligence but many Australians trust their fellow Australians and by doing this, they are being a little bit naive.
The important thing is to protect yourself at all times so that when you become the new owner, there won’t be any defects or any false claims on the property from third parties. In order to protect yourself in such situations, taking out title insurance makes perfect sense because it covers you for most eventualities and this is peace of mind that every property owner needs to have all across this great country of ours.
If this kind of insurance is quite new to you then the following are just some of the benefits of taking out such a policy.
- Financial loss – You just can’t afford to lose any of your hard-earned money so taking out a policy such as this is protection in case there are any liens on the property or maybe there are some mistakes when it comes to the overall title. There are owners out there who have failed to pay taxes owed or even the payments on their mortgages. There may also be a forged copy of the title so this kind of insurance covers the costs of addressing this issue and giving you compensation at the same time.
- It covers legal fees – If you have to take a seller to court, it’s probably going to cost a significant amount of money because you’re going to have to hire the best lawyer or barrister to help you. These legal fees can really eat into your savings and taking out the right kind of insurance policy helps to cover the cost of legal representation and any costs that the courts may hand down.
- You get peace of mind – As was touched on briefly before, there is nothing like peace of mind when you are signing on the dotted line to buy a new private or business property or even a piece of land. By making sure that you have the right kind of title insurance, it allows you to do whatever you want when you become the owner of the property like selling it or refinancing it. This takes away any delays or any difficulties that might be experienced.
In today’s fast-moving world, it is important to protect yourself at all times and the beauty about this particular kind of insurance is that it is a one-time payment that is in place for as long as you own the property.