50 percent discount on title policies and escrow services offered to homeowners needing to rebuild
SAN DIEGO, CALIF. (Oct. 30, 2007) – Stewart Title of California Inc. is providing a 50 percent discount on title policies obtained for loans (and related escrow services) used for rebuilding structures that were destroyed or damaged during the recent wildfires. As part of Stewart’s rate filing, all basic combined charges for title insurance and escrow services are cut in half any time a state disaster area is declared as a result of a natural disaster.
“There is no way to really make losses easier to take,” said Brian Hurley, president of Stewart Title of California. “But there are ways to help, and we’re proud to have programs that ease part of the burden of rebuilding.”
Homeowners should contact their local Stewart office to find out more about how they can receive this rate relief for assistance in rebuilding. Proof from an inspector or other credible party will be needed.
Specifically, Stewart’s schedule of charges and forms for title insurance in California states, “In the event of a proclamation of a state or disaster by reason of a natural disaster such as an earthquake, flood or fire, title insurance policies obtained for loans, the proceeds of which are used for rebuilding destroyed or damaged structure shall be priced at 50% of all the basic combined charges. Any endorsements (are) to be priced at prevailing rates.”
Stewart Title of California, Inc. is a wholly-owned subsidiary of Stewart Information Services Corp. (NYSE:STC), is a customer-driven, technology-enabled, strategically competitive, real estate information, title insurance and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries through more than 9,500 policy-issuing offices and agencies in the United States and international markets. Stewart also provides post-closing lender services, mortgage default management solutions, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at http://www.stewart.com/.