When your clients are purchasing a new property, they may be looking to save money wherever they can. A title insurance policy can assist your client in having cover for survey and title issues, as well as providing cover against title fraud.
What is title insurance?
It is a unique type of insurance that protects your client against challenges to their title (ownership), fraud and other issues related to the title of their property. Title insurance can help protect homeowners from a range of risks, including:
- Fraud: Provides coverage in the event of an unauthorised sale of a property or the creation of a fraudulent mortgage.
- Planning or zoning issues: Offers a homeowner protection if they discover after settlement the property violates zoning regulations not disclosed at the time of purchase.
- Encroaching structures: Assist in resolving encroaching structure issues, such as covering the cost of removal, or negotiating boundary re-alignments.
- Unapproved building works: Covers the cost of repairing or demolishing any unauthorised structures, such as pergolas, decks and garages, if issued with a Building Notice from the local authorities.
- Adjustment errors at settlement: Provides coverage against financial loss that may occur due to incorrectly calculated rates at settlement.
How to offer title insurance
We know that having a Property Law practice within a firm comes with risks. Title insurance through First Title helps mitigate a number of risks for clients, and there are also benefits for the lawyers. To be eligible for these benefits, practitioners can register as a First Title ordering party. We will then provide the tools, training, technology and local expertise required for you to enable your clients to purchase title insurance.
Additional peace of mind to your client’s service
Title insurance can represent added peace of mind for homebuyers in knowing that First Title can provide coverage for a variety of scenarios that can occur within and outside the scope of the property transaction. In providing access to title insurance as part of your services, you can help put your clients’ minds at ease.
Internal protection and risk management
Providing customer access to title insurance can be a powerful risk management tool for lawyers. Also, First Title can provide coverage for incorrect Council notices, fraud and legal costs.
Claim the title administration fee
In allowing clients to access title insurance cover, lawyers may receive a $50 administration fee from First Title. Alternatively, this fee can be waived and passed onto the client to reduce the premium price.
How can a solicitor explain title insurance to their client?
In order to explain title insurance to clients, practitioners must first gain a solid understanding of its characteristics and nuances.
For more information on what title insurance is, please watch our video here and read our important information and policy documents here.
Who is First Title?
First Title is a trusted provider of title insurance, providing comprehensive solutions to property owners.
Our reputation is cemented by the fact we are part of the international services division of the First American Financial Corporation, listed on the New York Stock Exchange (NYSE:FAF). First American operate in more than 60 countries around the world, giving us a global presence in the real estate markets.
First Title prides itself on setting the gold standard for customer service and satisfaction in the insurance sector. We aim to provide the best possible protection and support to our clients when insuring their real estate purchases.
Meet the team
To understand more about how title insurance can secure your clients’ real estate purchases, please contact one of our team members.
Rebecca Soper
Rebecca Soper is National Sales Director – Consumer. Bec has been leading the Consumer Sales Team since May 2023, supporting the growth and utilisation of title insurance for residential properties. Mobile: 0402 026 683 | Email: Rebecca.Soper@au.firstms.com
Gary Lee
Gary Lee is Business Development Manager. Since September 2015, Gary has been enhancing existing relationships with Conveyancer and Solicitor firms, and developing new partnerships with companies who are not yet aware of First Title. Mobile: 0498 006 265 | Email: glee@firsttitle.com.au
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