New South Wales - Marketability

Claims Chronicles

What happened?

Our clients, a couple from NSW, were in the process of selling their property. A condition of the contract was that the Purchaser would engage a surveyor and have a survey undertaken before settlement. The Purchaser’s survey concluded that our Insured’s boundary fence was sitting inside the boundary line and the neighbour’s shed was encroaching on the insured’s property.

The prospective buyer requested compensation relating to the cost of dismantling the existing fence and building a new one in the amount of $7,992.50.

Our insured submitted a claim to First Title in relation to the boundary discrepancy that had been discovered and a marketability claim. The insured sought the cost of remedying the boundary discrepancy or paying the Purchaser the compensation they were seeking in order for settlement of the property to be finalized.

What was the resolution?

We accepted the claim where we agreed to cover the cost of moving the fence, including the supply and installation, as well as removal of the old fence. The prospective purchaser accepted this resolution in order to finalise the settlement of the property and not seek to any other actions be undertaken by our Insured.

Payment: $7,992.50 | Claim Type: Marketability