Why Title Insurance is important in the age of eSettlements Insurance… there are so many different types. You always hear about that one guy who claims he slipped and fell off his own roof and got some massive settlement by dredging every cent he could from his house insurance. But that’s not the only kind of insurance we have. We also have car insurance, contents insurance, life insurance, accident insurance, disability insurance, public liability insurance… the list goes on. But what is Title Insurance? Not many people have even heard of this one, but it is becoming far more necessary as we move into an e-settlements era. Title insurance is a form of insurance that has always been available to prospective purchasers of property in NSW and is a risk management tool with benefits that seem almost too good to be true. Why do I need Title Insurance?Properties come in many shapes and sizes: houses; units; townhouses; and vacant land. They’re all unique but share one thing in common, a “Title” … or “Certificate of Title” In previous years/decades/centuries. This involved getting a physical, printed title that covered your land & any interests on it (like mortgages, leases, other encumbrances).
5 facts about Old System Searching We sat down with Mark Groll, InfoTrack’s Old System Searching Specialist and one of only three people in NSW who can do all aspects of Old System Searching to learn more about the process. Mark has been investigating NSW land titles for over 40 years and often liaises with the land titles office to make improvements to Old System Searching. His reports are regularly used in court and stored as evidence with the land titles office. 1. What kind of information can you find through Old Systems Searching? n the past, investigations were mainly conducted for the sale, purchase or refinance of a property, in most cases investigating the title back 30 years’ in time to identify a good commencing point. Unfortunately, these types of old system searches have decreased over the years as more properties have been converted to the Real Property Act Title even though it’s risk not to do them.Despite the decrease in certain types of Old Title searching, the need for investigating Old System Title has actually increased over the years, spurred by the following types of investigations. Locating and identifying lands and terms and conditions of rights of way, easements and covenants that benefit
Top 10 tips to settle effectively in Queensland The settlement process is the last leg when dealing with property transfers, and although it may seem like the light at the end of the tunnel for your clients, it can go very wrong, very quickly. There are many factors to settling effectively, and if any number of them are overlooked, it can make things difficult for your agent to get all the information they need to ensure that there are no hiccups or delays. Here are some basic tips to follow to help your agent settle effectively and conclude the final steps in transferring property. Tip 1: Give your agent specific details When engaging with an agent, it is crucial to advise exactly what is required for the matter. Whether your agent will need to attend to stamping, registration of priority notice, collection of cheques, etc. Also, your agent will need the settlement details including time, date, venue and which party the agent acts for in the transaction. This sets the foundation to settle effectively, and if any of the details provided change, you must advise your agent at your earliest convenience. Tip 2: Know all the documents that are required
