My conveyancer has suggested lodging a caveat and taking out title insurance for a recent purchase. I can't get a good explanation for getting both.
Information from Stewart Title for residential purchasers:
Standard cover is also offered for the period between settlement and actual registration of documents to guard against a third party interest registered on title after settlement but before registration of the insured’s interest
Is there something the caveat covers that the title insurance doesn't?
I am not sure what title insurance covers, possibly relates mainly to fraud where someone who doesn't own the property is trying to sell the property.
A caveat registers your interest in the property, and this registration may give you some priority over later interests which are registered after you and before settlement.
Do a goolge on 'black v garnot'. In this case someone put a writ on the title about 30 min before settlement of the property. This gave them priority over the purchaser
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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