Settlement date is 9th of September 2013. My excitement is growing as we get closer to that day when we get the keys.
Things are in motion. Various people are at work to deal with all the issues on buying a house. The mortgage broker is at work on finalising the loan details for both the house and the renovations. The conveyancing person is checking things like rates and service (gas, water, electricity, etc) bills that may relate to the property. For example unused portions of connection fees have to be returned to the previous owners. A whole range of things that have to be worked out, which is why we get someone else to do it instead of doing it ourselves. That way there is less likelihood of missing something that can come back to haunt you.
One of those things that has to be done is a title search on the property. There is some doubt that the development application for construction of this building would still be on file or really have been filed in the first place the 1870s being what they were. Also all the paperwork for approval of any building changes is also not likely to exist for the early history of Cliftoria. So we have taken out title insurance and I would recommend it for buying any land but certainly for land with old buildings. You may ask What is title insurance? I certainly asked when Sharen suggested getting it. Apparently it covers the following items that I have pinched from a website.
“A typical home owner’s title insurance policy protects against risks including:
- illegal building works / structures
- mortgage or title fraud after settlement
- incorrect signature of a document
- forgery, fraud, duress, incompetency, incapacity or impersonation prior to settlement
- defective registration of a document
- lack of rights of access or use of services
- breach of covenants
- survey cover for boundary issues
- encroachment by or on to the insured property
- lack of zoning certificates
- title being vested in someone other than the insured
- problems with the registration gap (eg. Issues arising in recent Black v Garnock case)
The Title Insurer will also defend any challenge to the insured’s title, and if ultimately unsuccessful, will indemnify the insured against their loss if an insured risk occurs.”
So I think it is a must for a building around 140 to 150 years old.