Products & Services

Home Owners GOLD & Strata Owners GOLD1 for residential purchasers

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Home Owners GOLD & Strata Owners GOLD are comprehensive Property Risk Insurance policies that provide purchasers with unrivalled protection against a wide range of property risks (whether known or unknown) including: fraud and forgery, illegal building structures, encroachments, zoning issues, easement problems, adverse possession and more.

What protection does Title Insurance offer?

• The policies protect purchasers of residential property (owner-occupied or investment) against a range of property ownership and use risks that could cause stress and financial loss in the future. It insures over the property title and if a purchaser suffers a covered loss, they simply make a claim.
• Title Insurance does not replace a competent Conveyancing Practitioner but enables the Practitioner to transfer some of the liability for certain aspects of property due diligence to First Title.
• ‘Unknown risks’ are risks that exist but are not identified during the conveyancing transaction before settlement but that may give rise to loss during property ownership. Such risks can include:
  
  
  • Illegal building work that could result in the council ordering your client to demolish or repair part of or all of their new home;
  • Someone else claiming an interest in your client's land, which can occur between settlement and registration, which we call ‘gap cover’;
  • Fraud or forgery resulting in a challenge to your client's ownership;
  • Fraud or forgery resulting in your client's home being mortgaged without their knowledge;
  • Any issue that would have been revealed in an up to date survey, with NO LIMITATION as to boundary walls or fences;
  • Zoning issues which prevent your client from residing in their house;
  • Outstanding rates and taxes on the property which your client becomes liable for as the new owner.
• ‘Known risks’ are risks either disclosed by the vendor or otherwise discovered by the purchaser (or you, as their Conveyancing Practitioner) prior to settlement. First Title prides itself on being able to cover ‘known risks’ in most cases.
• The policy can be used by a purchaser buying a property at auction to protect against any risks which could cause loss.
• The policy can be used by a vendor selling – especially if they are aware of a “known risk” in which case they can use the policy to provide protection to the purchaser and potentially enhance the purchase price.

The majority of Home Owners GOLD & Strata Owners GOLD claims that we see at First Title are for unknown risks, representing the fact that Conveyancing Practitioner cannot protect against all risks during the conveyancing process.

With First Title and Home Owners GOLD & Strata Owners GOLD, we offer you and your client the benefits of:

• NO EXCESS payable on claims
• Competitive pricing
• “Report on Title” Fee
• Extensive and comprehensive coverage
• Easy online ordering process using First Title's eTitle portal
• Client support through our experienced Customer Service Team
• The financial backing of one of the world's largest Title Insurance Companies

For further information see our Resource Centre. Alternatively, please contact our Customer Service Team on 1300 362 178 or click here to contact us.

1Home Owners GOLD & Strata Owners GOLD is registered trademark of First Title