A powerful risk management tool
Today’s property market moves quickly. With a wealth of information available at their fingertips, buyers are increasingly wary of the risk posed by title defects as well as potential oversights in the conveyancing process caused by a need for fast turnover.
As a conveyancer or solicitor, ordering title insurance on behalf of your clients can offer them added security and value while also helping you manage your own risk.
Peace of mind for your clients
The reality is that even after the most thorough conveyancing process, there will always be some amount of risk left, revealing issues either before or after settlement. For instance, unapproved structures on the property could have been missed due to a lack of proper documentation. This means your client could be left significantly out of pocket.
Your clients rely on their conveyancer or solicitor to navigate and minimise these risks and the fallout from potential issues. Title insurance covers a wide range of problems, ensuring that your clients have peace of mind regardless of whether the issue with the property involves:
- Third-party claims
- Zoning problems
- Forgery or fraud
- And more
If you are looking to add value to your existing professional conveyancing services, we recommend purchasing title insurance on your clients’ behalf or becoming an ordering party with First Title. With no excess in the event of a claim and a one-off premium covering your clients for as long as they own the property, title insurance could help your client avoid costly property ownership risks.
Risk management for all parties
Title insurance isn’t just a way to protect your clients, though. It’s also a powerful risk management tool for conveyancers. Simply put, it allows you to stop worrying about potential implications of oversights or problems outside of your control.
Even if the claim arises from a mistake rather than something beyond the control of the conveyancer or solicitor, title insurance ensures that both you and your client are protected. If you make good faith errors such as incorrectly calculating outstanding taxes or rates, title insurance will indemnify the property owner. What’s more, at First Title, we will not pursue you for these errors, having waived the right of subrogation.
Becoming an ordering party for additional benefits
To offer your clients title insurance, you can either purchase it directly on their behalf or you can become an ordering party. Registering as an ordering party gives you access to certain benefits, including the tools and training needed to help you navigate and streamline the insurance ordering process. At First Title we value the expertise of our ordering parties which is why our report on title fee is our acknowledgement of your due diligence on the title, the property and its current condition.