First Title’s Home Ownership Protection Policy is accepted as suitable option for a New Zealand purchaser.
It’s your dream home, the freshly renovated villa, and finally settlement is just days away. You can already picture it; the subtle off-white colour you will paint the master bedroom, the “den” complete with wide-screen T.V and Playstation 2 and the decorations you’ll add to the kids room upstairs, a recent addition to the house, as if built specifically for your family.

Everything seems to be going smoothly since the auction but there’s still that doubt in the back of your mind. “Is there a building permit for the upstairs bedroom? Does it cover all the work done? Will this cause any problems in the future?”

Thanks to a new insurance product available in New Zealand, you can now put that doubt behind you by arranging insurance to help cover the costs of resolving any legal problem that may come out of that new woodwork.

Known as Title Insurance, this product insures against many of the legal risks associated with the ownership of land. Because Title Insurance is concerned as much with the owner’s rights to use and enjoy the property (“off title” risks) as it is with risks affecting the legal title, the name “title” can be deceptive.

Developed in the USA 130 years ago, it is present in the vast majority of American real estate transactions. Although New Zealand utilises the Torrens rather than Deeds system of registration, it is this extensive coverage of “off title” risks that makes it relevant in this country.
In New Zealand, Title Insurance is only available from First Title Pacific Limited. It protects both the lawyers and clients interests because it is unlikely a lawyer will discover every legal issue that may arise in the future. Therefore it is important to note that rather than replacing your lawyer, title insurance is backing them up.

Title Insurance is available at a modest, one-off cost that covers the property for as long as you own it.

For more information contact , First Title Pacific Limited, 09 3066 219

Information on title insurance can be found on the 1title.net