All Topics / General Property / When do we need title insurance

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  • Profile photo of 9356193561
    Participant
    @93561
    Join Date: 2009
    Post Count: 16

    Hi, I have owned my property for almost 2 years now. the other day, my friend came to visit me and told me that someone put his unit on sale! he saw his unit's advertisement on agency and walked in to query why. the property agent tried to calm him down by saying it must be a mistake. so he asked me if we should get title insurance.

    i myself cannot believe that someone else can sell your unit. but my friend convinced me that Today tonight was discussing this issue the other day and there are scams going around.

    so my question is, do we really need to purchase a title insurance just in case someone else sell our unit?

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856

    the crown actually guarantees all property created under the torrens titling system. If you are concerned contact the land titles office in your state.

    NSW has recently imposed a new levy on the transfer of titles to make it even more secure.

    Profile photo of sharetips033sharetips033
    Member
    @sharetips033
    Join Date: 2010
    Post Count: 1
    There have been a few cases where sellers didn't want the title insurnace to try and keep the closing costs down. They think a simple title "search" is sufficient. I can lead a horse to water, but can't make them drink, but i personally think that title insurance is a MUST on every transaction.


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