Stewart Title Ltd. issues title insurance policy for the first Real-Time Home Information Pack recognized by AHIPP
LONDON (Oct. 29, 2007) - Stewart Title Ltd., the underwriter of United Kingdom transactions for Stewart Information Services Corp., is pleased to have been part of the first real-time Home Information Pack (HIP) delivered by Richards Gray, a national property-search organisation, and recognized by the Association of Home Information Pack Providers (AHIPP). The Stewart Title policy enabled Richards Gray to comply with the HIPs regulations while delivering a timely HIP.
Introduced this year, the HIP Code is designed to provide protection for homebuyers, sellers, estate agents, conveyancers and mortgage lenders who rely on the HIP information for real estate transactions in England and Wales. The HIP documents include information such as a sale statement, searches and evidence of title.
“We extend a well-deserved congratulations to Richards Gray for winning the AHIPP challenge and delivering the first real-time HIP package in approximately 48 hours,” says Steven Lessack, chief executive officer, Stewart Title Limited. “As the chosen insurer for Richards Gray, we are extremely pleased to be part of the transaction, ensuring buyers and sellers have been adequately protected without experiencing delays in the process.”
Title insurance or legal indemnity insurance is a risk management tool that helps minimise risk and improve efficiency in a property transfer or re-mortgage transaction.
As part of the HIP package, Stewart Title’s policy covers losses to the insured due to a matter which was not disclosed in the search because of an error or omission by either the Local Authority or search agent, or where the information requested was not made available to the search agent by the Local Authority. Cover applies for as long as the search is relied upon by the insured party.
“Richards Gray has invested time and effort in ensuring we were ready for HIPs,” said Mike Richards, managing director of Richards Gray. “By working with companies like Stewart Title, we developed systems and processes to ensure the HIP process could be completed efficiently while still providing protection for our clients.”
Stewart offers a full range of legal indemnity products to speed up the conveyancing and re-mortgage processes and safeguard real property investments. The company’s products cover all types of real estate transactions including commercial, residential and re-mortgages. Stewart’s team specialises in customizing policies for residential and commercial clients.
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 Limited 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.stewarttitle.co.uk/.
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 more than 9,500 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 http://www.stewart.com/.