The Residential Strata Policy provides protection to purchasers of strata title properties 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.
The Residential Strata Policy covers strata title properties that are zoned residential.
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.
Cover is provided for a broad range of risks including:
Enforcement action by a Local Authority (including an Owners Corporation, Body Corporate or Strata Company) in relation to alterations made to the Strata Unit without the required approval from the Local Authority, of which you are unaware at the time of purchasing the Strata Unit. 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 Strata Unit.
Loss due to non-compliance with existing zoning and planning laws, unregistered easements & covenants, access orders, access rights or a right of way, lack of legal access, and other defects in title to the Strata Unit, such as a boundary encroachment, of which you are unaware at the time of purchasing the Strata Unit.
Outstanding rates, taxes and strata levies (including special levies) on the property which you are now liable for as the current owner of the Strata Unit.
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 Strata Unit.
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 has a duty to defend the insured’s title. 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 rental charges for an equivalent property if the insured cannot use the property as their home because of circumstances insured under the policy. The rental charges will continue to be reimbursed until the cause of the claim is resolved 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.