Why Title Insurance Can Save You Thousands

Why Title Insurance Can Save You Thousands

Why Title Insurance Can Save You Thousands

When buying property, most people focus on getting the contract and Section 32 checked – which is essential. But even with thorough due diligence, some issues can slip through the cracks. That’s where title insurance comes in.

At Bellman Legal, we often recommend title insurance as an added layer of protection, especially when buying in regional areas like Warrnambool, where boundary or planning issues can be harder to detect upfront.

What Is Title Insurance?

Title insurance is a one-off premium policy that protects property buyers from unknown risks that could affect their ownership or use of the property after settlement. It covers problems that aren’t discovered in the usual legal checks – even if they happened before you bought the property.

Title insurance policies offer broad coverage for residential and commercial properties.

What Can Title Insurance Cover?

Here are just a few scenarios where title insurance can step in:

✅ Boundary and Survey Issues

Imagine buying a home only to later discover the garage sits partially on your neighbour’s land. Title insurance can cover the cost of resolving these boundary disputes.

✅ Unapproved Structures

If a previous owner built a deck or shed without council approval – and the council demands rectification or removal – title insurance may cover the associated costs.

✅ Zoning and Planning Defects

Sometimes, zoning details provided in the Section 32 are inaccurate. Title insurance can help with issues related to planning breaches or misclassified land use.

✅ Outstanding Rates and Taxes

You could inherit unpaid rates or land tax from the seller. Title insurance ensures you won’t be left footing the bill.

✅ Fraud, Forgery or Identity Theft

Yes, it happens. If your title is compromised due to fraud (e.g. someone fraudulently discharging a mortgage or changing ownership), title insurance helps restore your legal ownership and cover legal expenses.

Is It Expensive?

Not at all. It’s a once-off premium based on the value of the property, often a few hundred dollars for residential property – with no ongoing fees. For the peace of mind it provides, it’s excellent value. That's Why Title Insurance Can Save You Thousands!

Is It Worth It?

While it’s optional, we believe title insurance is worth serious consideration for most property purchases, especially:

●      Older properties

●      Rural or semi-rural properties

●      Properties with renovations or extensions

●      Fast transactions where thorough checks are limited

It’s a smart, proactive way to protect your investment.

Let Bellman Legal Help You Decide

We’ll review your property documents and let you know if title insurance is right for you. If so, we can help arrange it and ensure your coverage is in place before settlement.

📞 Contact Bellman Legal – Local advice, practical protection, peace of mind.

Call (03) 5562 1000 or email: reception@bellmanlegal.com.au