Stewart Title® Enters into Strategic Partnership to Enable PEXA to Take on ‘Lodgement Gap’ Risk
SYDNEY (Nov. 4, 2015) -- Stewart Title Limited, the underwriter for UK, European and Australian property transactions for Stewart Information Services Corp (NYSE-STC) announced today that it has entered into a strategic partnership with Property Exchange Australia Limited (PEXA). By underwriting the risk, Stewart Title Limited allows PEXA to cover the ‘lodgement gap’ in relation to transactions conducted on the PEXA platform.
The PEXA platform is transforming the Australian property industry by delivering a national electronic conveyancing platform that is integrated with State and Territory land title registries. This integration enables conveyancing practitioners (registered subscribers) to prepare and lodge registry instruments and financially settle their customers’ land transactions using PEXA’s online workspace. This contrasts with a manual method that lodges paper documents at the land title registry following a face-to-face settlement and exchange of documents and bank cheques.
As part of PEXA’s ongoing commitment to ensuring the safety and integrity of its platform, PEXA will take on responsibility for the ’safe’ lodgement of certain land title dealings by its registered subscribers. This means that with the backing of Stewart Title Limited, PEXA will assume responsibility for any ‘intervening’ instruments or notices lodged by a third party during the “lodgement period” which have the effect of either preventing the registration of the customer’s land title dealing or taking priority over the customer’s land title dealing once registered. The specific details are set out in the PEXA Participation Agreement which is available on the PEXA website: https://www.pexa.com.au/participation-agreement.
“As a title insurer that works alongside conveyancers to mitigate the risk inherent in property transactions, we are proud that our partnership with PEXA enables us to deliver on our commitment to continually strive for ways to further streamline and provide assurance to the settlement process,” said Ciaran Westland, general manager, Stewart Title Limited.
PEXA was formed in 2010 to fulfil a Council of Australian Governments agenda item to deliver a national electronic conveyancing solution to the Australian property industry. PEXA Ltd is a company limited by shares with the key financial stakeholders being the Victoria, New South Wales, Queensland and Western Australia Governments as well as a number of Australia’s largest financial institutions.
Marcus Price, PEXA CEO, commented “PEXA’s strategic association with Stewart Title Limited is an important step in the roll-out of a robust and safe electronic property exchange solution which delivers tangible benefits across the entire property industry.”
For more information, contact Ciaran Westland, general manager for Stewart Title at (02) 9081 6204 or firstname.lastname@example.org.
About Stewart Title Ltd.
Stewart Title Ltd. is a specialist insurance company providing protection to property owners and lenders against risks inherent in the real estate transaction. Stewart Title Limited is wholly owned by Stewart Title Guaranty Company, the primary underwriter for Stewart Information Services Corp. In Australia, Stewart Title Limited has a license to operate in all States and Territories and partners with conveyancers and solicitors in offering a full range of both residential and commercial title insurance products to purchasers, existing owners and lenders. The company provides solutions that enhance the conveyancing and lending processes without transforming them. To find out more, visit www.stewartau.com.
Stewart Information Services Corporation (NYSE-STC) is a global real estate services company, offering products and services through our direct operations, network of Stewart Trusted Providers™ and family of companies. From residential and commercial title insurance and closing and settlement services to specialized offerings for the mortgage industry, we offer the comprehensive service, deep expertise and solutions our customers need for any real estate transaction. At Stewart, we believe in building strong relationships – and these partnerships are the cornerstone of every closing, every transaction and every deal. Stewart. Real partners. Real possibilities.tm More information can be found at http://www.stewart.com, subscribe to the Stewart blog at http://blog.stewart.com or follow Stewart on Twitter® @stewarttitleco.