Cover available to owners who did not obtain a title insurance policy when they first purchased their residential property
LONDON (April 1, 2009) – Stewart Title Ltd., the underwriter for European, Australian and New Zealand transactions for Stewart Information Services Corp (NYSE-STC), is now offering the protection of their Safe Property Indemnity (title insurance policy) to existing residential property owners in Spain. Traditionally, this policy was available only at the time property was purchased.
“The concept of title insurance is still growing in Spain so many property owners were unable to safeguard their investment when they purchased their homes because they were not aware of the product or it was not yet available,” said Steven M. Lessack, chief executive officer, Stewart Title Ltd. “We are pleased to extend our title insurance cover to existing owners so that they too can benefit from the peace of mind that comes with having a title insurance policy safeguard their property against the many hidden risks that could arise and affect their ownership.”
When one purchases a property, there are still hidden risks that even the most diligent professionals and or established registration systems cannot protect against. These defects can affect ownership and cause significant financial losses and worry before they can be rectified.
Stewart Title Ltd.’s existing owner title insurance policy provides cover to owners for a range of potential title issues that may have existed, without their knowledge, at the time they purchased their property. Cover also includes protection against fraudulent activities such as their property being re-mortgaged or sold without their consent due to forged documents.
This comprehensive policy also safeguards against loss or damage arising from hidden risks at the time of purchase including, but not limited to:
- Outstanding taxes, quotes or unsettled community expenses on the property
- Someone else owning an interest in or having rights to the property (including the rights of tenants)
- Forgery, fraud, duress, incompetence, incapacity or impersonation
- Lack of legal pedestrian or vehicular access to and from the property or any part of it
- Someone else having an easement over the property
- Any matters arising from any bankruptcy of seller
- Title is defective to the stage where another party can refuse to perform a contract to purchase, to lease or to make a mortgage loan
- Losses due to specific local matters detailed in the policy which may ultimately lead to expropriation of a whole or part of the property
Without a title insurance policy, property owners would have to remedy the situation themselves, costing them time and probably legal expenses.
Title insurance is available for a minimal, one-time premium and provides peace of mind that should the unexpected occur, Stewart Title Ltd. will be there to restore title to the insured or indemnify the insured for any losses. Cover is for financial losses incurred up to the original purchase price, (limited EUR 360,000). Should a claim be made, there are no deductions as the policy provides cover for costs, solicitor’s fees and expenses in defending title relating to the covered risk.
Stewart Title Ltd. has been issuing title insurance policies, guarantees, indemnities, assurances and the like in order to safeguard property investments across Europe, as well as providing legal indemnity products within the UK for more than 20 years. Title insurance policies or guarantees are issued in accordance with local law in numerous countries across Europe. Stewart Title Ltd.’s Foreign Services Division can be reached at 6 Henrietta Street, 4th Floor, Covent Garden, London, tel: +44 (0)20 7010 7820, fax: +44 (0)20 7240 2623, email: firstname.lastname@example.org or website: http://www.stewarttitlelimited.com.
About Stewart Title Ltd.
Stewart Title Ltd. is a title insurance company regulated by the Financial Services Authority and registered in England and Wales under number 2770166. As a wholly owned subsidiary of Stewart Title Guaranty Company, Stewart Title Ltd., is the primary underwriter of UK, European, Australian and New Zealand transactions. The company’s operations are headquartered in London with offices throughout the UK, Europe, Australia and New Zealand. Stewart Title Ltd. delivers a host of legal indemnity products, streamlining the conveyancing and closing process and helping solicitors creatively overcome difficult title situations. For more information, visit http://www.stewarttitlelimited.com.
Stewart Information Services Corp. (NYSE-STC) is a customer-driven, technology-enabled, strategically competitive, real estate information, title insurance and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries through policy-issuing offices and agencies in the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at www.stewart.com.