Accounting for Risk: The Advent of Capped Conveyancing Title Insurance

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aut.relation.endpage383
aut.relation.issue24en_NZ
aut.relation.journalAustralian Property Law Journalen_NZ
aut.relation.pages12
aut.relation.startpage371
aut.relation.volume2015en_NZ
aut.researcherThomas, Roderick
dc.contributor.authorThomas, Ren_NZ
dc.contributor.authorGriggs, Len_NZ
dc.contributor.authorLow, Ren_NZ
dc.date.accessioned2018-11-27T01:58:06Z
dc.date.available2018-11-27T01:58:06Z
dc.date.copyright2015en_NZ
dc.date.issued2015en_NZ
dc.description.abstractTitle insurance companies originating from America, have, in the past 15 years become part of the Australian conveyancing landscape. However for most residential freehold owners, their activities would be a mystery. A purchaser does not routinely obtain title insurance, with the companies presently focussing on servicing the mortgagee sector. While the lack of penetration in the residential purchaser market may be attributed to the consumer’s lack of knowledge, evidence from Ontario and New Zealand illustrates that title insurance is likely to become an additional cost in the conveyancing process in Australia. In this article we highlight the reasons why, and demonstrate how title insurers have, by working with the legal profession been able to subtly move the risk of responsibility for compensation for loss, (at least in the first instance) from the state to the insurer, but with the added benefit for the state and the conveyancing agents that the cost of the insurance is ultimately borne by the consumer. In New Zealand this development is being accelerated by the introduction of capped conveyancing title insurance. Whether title insurance will become part of the conveyancing process is no longer the relevant question for Australia, (it undoubtedly will), but the unknown issue is just how title insurance companies will work with conveyancing agents to infiltrate the market, and what response this infiltration will have in terms of the state’s view as to their continued role in the provision of assurance. We suggest that developments from New Zealand in relation to capped conveyancing insurance are likely to be replicated in Australia in the near future, and that the state’s role in providing an assurance fund will continue, though the state may seek to expand the areas in which the right to compensation is restricted.
dc.identifier.citationAustralian Property Law Journal, (2016) / 24, pp. 371-382.
dc.identifier.issn1038-5959en_NZ
dc.identifier.urihttps://hdl.handle.net/10292/12082
dc.publisherLexisNexis
dc.relation.urihttp://lexisweb.lexisnexis.com.au/JournalOverview.aspx?b=3&a=2&j=22
dc.rightsContributors must note the journal in which the work is published and provide the full publication citation. After 24 months from the date of publication, the final published version, including any editing, typesetting or LexisNexis pdf pages, may be made available on open access repositories including the contributors' personal websites and university websites.
dc.rights.accessrightsOpenAccessen_NZ
dc.subjectElectronic conveyancing; Title insurance Fraud; Risk allocation; Indefeasibility of title
dc.titleAccounting for Risk: The Advent of Capped Conveyancing Title Insuranceen_NZ
dc.typeJournal Article
pubs.elements-id313568
pubs.organisational-data/AUT
pubs.organisational-data/AUT/Business, Economics & Law
pubs.organisational-data/AUT/Business, Economics & Law/School of Law
pubs.organisational-data/AUT/Business, Economics & Law/School of Law/Law PBRF 2012
pubs.organisational-data/AUT/Faculty of Business, Economics and Law
pubs.organisational-data/AUT/Faculty of Business, Economics and Law/Law School
pubs.organisational-data/AUT/PBRF
pubs.organisational-data/AUT/PBRF/PBRF Business Economics and Law
pubs.organisational-data/AUT/PBRF/PBRF Business Economics and Law/Faculty Review Team PBRF 2018
pubs.organisational-data/AUT/PBRF/PBRF Business Economics and Law/Law School PBRF 2018
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