Title Insurance for Vacant Land

When buying vacant land there are many inherent risks A Different Kind of Insurance which may cause you loss or affect your ownership. Title insurance is a specialised type of insurance which A one-time premium provides protection forever (for provides protection to property buyers against certain information on premiums please download a Premium unknown and hidden risks which may exist at the time Schedule from our website: www.stewartau.com). of purchase. No excess payable on claims. Covered Risks No fault claims process means you don’t have to prove Cover is provided for a broad range of risks including*: fault or negligence - you only need to prove that you have suffered actual loss based on cover that the policy Unsatisfied Conditions of Development Approvals: provides. Certain conditions are imposed when land is being de - veloped. These conditions may not be completely satisfied No cap on cover apart from the policy amount. by previous owners leaving you to comply with them at your cost. Future Use Endorsement

Fraud, Forgery & Identity Theft: loss due to fraud, forgery When purchasing a policy for vacant land, a Purchaser or identity theft which results in you being deprived of Policy is issued, which automatically includes a Future your ownership of the land. Use Endorsement that provides a 200% ‘inflation’ allowance for increases in the value of the land as it is Survey/Boundary Defects: any adverse matters that improved*. There is no additional premium for the Future would have been revealed in an up-to-date survey report. Use Endorsement.

Registration Gap: someone else lodges a dealing which Should the value of the property as it is improved in - prevents your interest from being registered or recorded. crease to more than 200% of the vacant land purchase price, the policy amount can be increased by contacting Planning & Title Defects: loss due to non compliance with Stewart Title Limited and a minimal additional premium zoning and development laws, unregistered easements may be payable. and covenants, lack of legal access, defects in title to the land of which you are unaware at the time of purchasing Known Risk Coverage the property. If you discover a defect or risk during the conveyancing Outstanding Rates and Taxes: outstanding rates and transaction, please contact us as we may be able to taxes on the property which you are now liable for as the provide cover over a known defect or risk for no additional current owner of the property. premium.

* Like all insurance policies our Purchaser Policy excludes certain risks from cover. For full details on cover and exclusions from cover, refer to a sample policy available on our website or upon request. * The policy does not provide any cover for compliance issues in relation to any structures built by the insured after the policy date.

Read mo re Actual Claims Story from Our Files If I have a Solicitor or Conveyancer, why do I still need Title Insurance? Planning and Title Defect Title insurance does not replace the role of a solicitor or After settlement, our insured discovered that a condition conveyancer. The combination of title insurance with of a development consent relating to the property had your solicitor’s or conveyancer’s professional advice will never been complied with by the previous owner to the provide the most comprehensive protection against risks satisfaction of the electricity authority. which may affect your legal ownership of your home. Our insured was required to comply with the outstanding To order a policy, contact your solicitor, conveyancer or condition and install underground electricity mains to the Stewart Title directly. insured property.

The Resolution – Stewart Title compensated the insured for the costs of the installation of the underground electricity mains. Testimonial Claims Scenario “Our purchaser client was recently caught by a registration-gap caveat. They lodged a claim with Registration Gap Stewart Title and immediately Stewart Title was After settlement, but before your title documents are on the case. They treated the matter with excep - registered at the land title registry, somebody else lodges a tional efficiency and professionalism and resolved caveat or writ on the title and claims an interest in your land. the matter promptly. We were very impressed with the fast and efficient service and how they Your interest in the land is unable to be registered until kept both the client and our office informed about the caveat or writ is removed. You face significant legal the status of the issue. We can easily recommend costs and a potential dispute with the third parties who all our clients to purchase Stewart Insurance. lodged the caveat or writ. Thanks again.”

In this scenario, Stewart Title would defend your title, Lee McKee J.P. C.P.C including paying all legal costs and expenses associated Neilens Conveyancing Services with the commencement of legal proceedings necessary to rectify the title and obtain registration of your interest at the land title registry.

About Stewart Title Stewart Title is wholly owned by Stewart Title Guaranty Company, the primary underwriter for Stewart Information Services Corporation (Stewart). The Stewart group of companies traces it origins back over 100 years in the USA and currently offers its products and services worldwide in more than 80 international markets.

For more information, visit our website: www.stewartau.com .

Risk Management Solutions for Property Transactions

This material is intended to provide information of a general nature. Please refer to the policy for full details, including the specific terms and conditions. Sample policies are available on our website or upon request. Premiums are subject to change without notice. AU0812

GPO Box 527 P 1800 300 440 www.stewartau.com Sydney NSW 2001 F 1300 898 175