Stewart Title can provide cover for known risks uncovered in the conveyancing transaction.
A ‘known risk’ is simply any matter which may be adverse to the purchaser’s interest and ownership of the property which is disclosed in the contract for sale or discovered during the course of the conveyancing transaction. This ability to insure against known risks presents a distinct benefit to purchasers as it offers an alternative solution when risks are uncovered.
Traditionally, the purchaser’s options in dealing with an adverse matter either discovered during the conveyancing transaction or disclosed in a contract for sale were limited to:
- not proceeding with the purchase;
- rescinding the contract or seeking a reduction in the purchase price; or
- proceeding with the purchase and accepting the risk.
Title insurance now provides purchasers with another option which has not been available in the market until now.
The decision to cover known risks is made by Stewart Title on a case by case basis. Where cover is provided, there is no additional premium.
If risks are discovered in the transaction, we encourage you to contact our Underwriting Department on 1800 300 440 to find out whether Stewart Title can help you settle your transaction with peace of mind.