When seeking property insurance in Australia, you may want to take out coverage: either for the property you wish to purchase or for the property you already own. So what do you need to pay attention to when taking out such insurance?
Title insurance is easy to set up with a very simple application process. The single premium is based solely on the purchase price of the property. If you take out property insurance after payment, the amount covered depends on the current market value of your property. You can get to know about the title insurance price through various online sources.
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All you have to do is find a reputable provider like Title First Insurance, choose your property type (more on that soon) and provide some details of your purchase agreement.
Title insurance covers a wide range of property risks. This usually includes:
• Illegal construction work, eg. construction or repair work that may have been carried out by the previous owner without prior approval.
• Improper boundaries that may prevent you from accessing or using any part of your land.
• Board Tax, Property Tax, or Miscalculated Shift Tax, depending on the type of property you own.
• Fraud or counterfeiting, when someone tries to sell your property or fraudulently takes out a mortgage.
You can purchase Title insurance either at the time of purchasing your property or at any time after. Your policy becomes active as soon as the policy is paid and you become the owner of the property. Then apply until you sell the property or transfer it to another owner.