Stewart Title’s Residential Purchaser Policy provides protection to purchasers of real estate by guarding against loss incurred due to title and property related defects that generally are pre-existing and unknown to the purchaser at the time of purchase.
Our Residential Purchaser Policy provides cover for properties that are zoned residential or rural and also provides cover for properties which are vacant land.
For a one-time premium, the purchaser is indemnified forever on a no-fault basis for losses up to 200% of the purchase price of the property.
Purchasers are covered for a broad range of risks such as:
Enforcement action by a Local Authority in relation to non-approved structures which have been built by any previous owner of the property without the required Council permits or which did not comply with those permits (for rural properties this cover is limited to the main residence, including sheds, carports, garages used for residential purposes and any swimming pool) at the time the structures were built. This coverage is capped at $160,000.
Someone else lodges a dealing during the registration gap which prevents your interest from being registered or recorded.
Loss due to fraud, forgery or identity theft which results in you being deprived of your ownership of the property; someone else claiming ownership of a part or all of the land by adverse possession.
Forced removal or relocation of a structure because it encroaches over an easement or on to the neighbour’s property and any adverse matter affecting Title that would have been revealed in an up-to-date survey report. Please note that boundary and survey coverage will not apply to land where the land area size exceeds 50 acres.
Loss due to non-compliance with existing zoning and planning laws, unregistered easements and covenants, access orders, access rights or a right of way, lack of legal access, and defects in title to the land.
Outstanding rates and taxes on the property which the insured is liable for as the current owner of the property. This coverage does not apply to land transfer duty, land stamp duty, foreign buyer duty or foreign investor surcharge or any levies or special levies struck after the Policy Date.
Errors made by the insured’s practitioner or Local Authority in respect of unpaid local infrastructure or local improvement levies or charges due to a Local Authority which may result in an encumbrance, charge or lien or writ on the Title to the land.
Stewart Title also provides cover against the following risks where the circumstances creating or giving rise to these risks occur after settlement:
We can also provide cover over known risks discovered in the course of the conveyancing transaction for no additional premium. If a known risk is discovered, please contact our Underwriting Department for custom underwriting.
In addition to covering actual loss suffered by the insured, Stewart Title may defend any challenge to the insured's title, including that part of any proceedings or court case, which is based on a Covered Risk under the Policy. Stewart Title will also cover all of the insured’s costs, legal fees and expenses if we need to defend their ownership.
Further, Stewart Title will reimburse reasonable rental charges for an equivalent property if the insured cannot use the property as their principal place of residence because of circumstances insured under the Policy. The reasonable rental charges will continue to be reimbursed until we settle the claim or until the insured is able to resume the use of the property as the principal place of residence (whichever is the earlier).
Like all insurance policies, the Stewart Title policy excludes certain risks from cover. Some of these standard exclusions include:
Contact us for more information.
Please note that the information on title insurance provided is solely for general information purposes only and does not relate to your personal circumstances. It is not intended to be a complete description of all the terms, conditions and exclusions applicable to the title insurance product. Please refer to your issued policy for full details, including the specific terms and conditions, exclusions and other limits on coverage. Sample policies are available here or upon request.