HOUSTON (Nov. 12, 2012) – Stewart Global Solutions, a wholly owned subsidiary of Stewart Information Services Corporation (NYSE: STC), was commissioned to design a Formula Valuation System (FVS) to value properties and estimate potential ground rent revenue in Lesotho, Africa, a nation of 1.9 million people, geographically surrounded by South Africa.
Stewart was issued a sub-contract by Land Equity International (LEI) as part of its contract with the Millennium Challenge Corporation and the Government of Lesotho to integrate cadastral maps and land records, strengthen the institutional and human capacity of land administration and improve land valuation for purpose of ground lease administration in the country.
“Stewart Global Solutions is pleased to have played a part in this important work in Lesotho,” said Jill Urban-Karr, executive vice president of Stewart Global Solutions. “Improving land valuation and strengthening land administration is a key step in developing a viable economic system. We look forward to seeing the long term benefits of this project.”
Stewart’s senior project manager, Dr. Jerome Anderson, began the two-month project by reviewing the current valuation methods and collecting data on nearly 500 commercial and residential properties. Using the property data collected, Stewart built a fiscal cadastre and worked with local appraisers to design a valuation model for the land, testing the model against the pilot fiscal cadastre, and using the FVS to estimate the potential ground rent. Stewart also prepared a plan for the full implementation of the FVS.
About Stewart Global Solutions
Stewart Global Solutions, a division of PropertyInfo Corporation, a Stewart company, was created to assist nations with their land administration and modernization projects. Working with industry-leading business partners, Stewart Global Solutions delivers comprehensive solutions that result in transparent, equitable, reliable and accurate land records. More information can be found at http://www.stewart.com/global-solutions.
Stewart Global Solutions is a division of PropertyInfo Corporation, a wholly owned subsidiary of Stewart Title Company. Stewart Title Company is a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC), a customer-focused, global title insurance and real estate services company offering products and services through our direct operations, network of approved agencies and other companies within the Stewart family. Stewart provides these services to homebuyers and sellers; residential and commercial real estate professionals; mortgage lenders and servicers; title agencies and real estate attorneys; home builders; and United States and foreign governments. Stewart also provides loan origination and servicing support; loan review services; loss mitigation; REO asset management; home and personal insurance services; tax-deferred exchanges; and technology to streamline the real estate process. Recognized in 2012 by Forbes® as one of the Most Trustworthy Companies in America, Stewart offers personalized service, industry expertise and customized solutions for virtually any type of real estate transaction, and is the preferred real estate services provider. More information can be found at http://www.stewart.com/news.