Building Insurance – Residential Established Home and Contents
This is your responsibility to organize. Prudent Buyers will no doubt wish to consider both Building and Contents Insurance. This cover can be arranged with an Insurance Company of your choice. If you are borrowing funds from a Bank or other Lender, you should take note of their requirements on the Loan Offer as to the amount and type of cover and other details. Before paying any funds for settlement, your Bank must sight a current policy of Insurance with their interest as Mortgagee noted thereon. In the case of a Strata Property there may be Strata Insurance in place. If so we will endeavorto provide you with the details.
Home Indemnity Insurance
Pursuant to the Home Building Contract Amendment Act if residential building work worth $20,000.00 or more is undertaken by the Seller or builder Indemnity Insurance applies. We will endeavor to obtain information as to whether this is applicable; however, information of this nature may not be forthcoming prior to settlement. If you believe Indemnity Insurance may be applicable on this property, it is suggested you make your own enquiries. These enquires can be made through your Selling Agent (if any) or the Local Authority.
Title Insurance is a unique form of insurance which provides protection to you in respect of the use and ownership of real estate including such things as fraud, unauthorized structures, boundary issues and encroachments.
Coverage under a policy extends to matters which are beyond the scope of our services that we provide to you. Premiums are paid once only and coverage continues after a property is transferred to another for a period of time. There are 2 title insurers operating in Australia – namely First Title Insurance and Stewart Title.