kayoneuu1
Posts: 4,110
Interests: golf; grandkids; travel; food; sauvignon blanc; pinot gris ......
|
Post by kayoneuu1 on Mar 4, 2023 21:00:57 GMT
Asking for a client of my sisters in NZ.
“Sorry to text u so early but I have a client asking a question about buying a property in Australia. I have never heard of it in NZ.
When buying a property in Australia is it common/usual to get Title Protection Insurance.
It covers u for:
1. illegal building work by a previous owners, or
2. an incorrect boundary ie structures not built on true boundary, or
3. Someone using your id for fraudulent purposes & mortgaging your property”
I’ve never heard of it in NSW or ACT but maybe it’s an interstate thing? Does anyone have an opinion?
thanks
|
|
|
|
Post by figlet on Mar 4, 2023 23:41:41 GMT
No,haven't heard of that before.
Googled it. It's a one off cost so maybe worth it.
"On a property valued at $800,000 in New South Wales or Queensland a title insurance policy would cost $755.37."
From an article this year and it said fact checked.
|
|
joono
Posts: 5,366
Interests: Brussel sprouts, alfalfa sprouts, bean sprouts
|
Post by joono on Mar 5, 2023 0:42:55 GMT
I haven't heard of it but it sounds like a good idea. For instance if you buy a house and the previous owner has added an extension and didn't get council approval they can make you rip it down. You can't apply for approval when it's already built, it's start again. So I've heard. I haven't heard of number 3 happening.
|
|
pepe
I'm so glad that we at this board are special, not like other boards. You are all wonderful.
Posts: 4,084
Interests: Small semi controlled explosions
Location: Ahhhh the serenity!!!
Current Mood: tickettyboo thank ya very much
Sex: ummmmaaarrrrr thats ruuude!
|
Post by pepe on Mar 5, 2023 2:43:58 GMT
i have never heard of it but if i was buying a property and it was an option i'd take it
|
|
kayoneuu1
Posts: 4,110
Interests: golf; grandkids; travel; food; sauvignon blanc; pinot gris ......
|
Post by kayoneuu1 on Mar 5, 2023 2:51:26 GMT
They are things I would think your solicitor should cover off before you sign any contract. I know ours did title and council approvals searches when we bought, but that was over 10 years ago now.
|
|
|
|
Post by figlet on Mar 5, 2023 6:37:52 GMT
So many shonky outfits around now (compared to 10 years ago?).
|
|
|
|
Post by lyn on Mar 5, 2023 22:37:40 GMT
We paid about $600 for a building Inspection and on top of that being a strata title another
$800 for a strata search.
|
|
