TITLE INSURANCE PRODUCT LAUNCHES IN SPAIN

Date Added: Sep 12, 2008

Author: Manager Real Estates Directory

Category: Europe real estates: Real Estates in Spain

International insurance company Stewart Title has launched its Safe Property Indemnity product in Spain to protect buyers from losing their property should issues surrounding the purchase and title, arise after sale.

The title insurance product will protect buyers from outstanding taxes, seller bankruptcy, forgery, fraud, off-plan mistakes, losses due to ‘specific local matters’ that may lead to expropriation of the property and many other occurrences up to a maximum of €360,000.

“When one purchases a property, there are still hidden risks that even the most diligent professionals and established registration systems cannot protect against,” said a spokesperson. “These defects can affect ownership and cause significant financial losses and worry before they can be rectified.”

The company said that it believes the product makes sense for agents to recommend to their buyers in the current difficult economic times, as it adds security to the investment and 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.

Steven Lessack, CEO of Stewart Title, added: "Because home owners face many risks concerning their property, it is more important than ever that buyers obtain the cover that the Safe Property Indemnity provides in order to protect one of their biggest investments. For a minimal, one-time premium, a title insurance policy provides peace of mind that should the unexpected occur, Stewart Title will be there to restore title to the insured or indemnify the insured for any losses if that cannot happen.”

Source: www.opp.org.uk