Stewart Title and AREAA Join Forces to Provide Important Real Estate Documents in Asian Languages
LOS ANGELES, CA (Oct 9, 2008) – Stewart Title Guaranty Company, a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC), and the Asian Real Estate Association of America (AREAA) today announced a 12-month partnership to translate common real estate documents into Chinese, Korean and Vietnamese. Stewart Title is making the translated documents available to AREAA members in good standing.
“As one of our longest and most ardent supporters, Stewart Title is keenly aware of the growth potential for homeownership in the Asian American market,” said Allen Chiang, incoming chair of AREAA. “With the most commonly-used documents translated into three Asian languages, our members can serve their clients more effectively and bring them closer to the American dream of homeownership.”
The translated documents that will be available are:
- Affidavit of debts and liens
- Bill of sale
- FIRPTA affidavit
- Quit claim deed
- Compliance agreement – refinance transaction
- Compliance agreement – sale transaction
Chiang anticipates the translated documents will be available to AREAA members in good standing via a password-protected website accessed through www.areaa.org beginning in November 2008.
“We are pleased to partner with AREAA to provide these translated documents in a collaborative effort to help homebuyers from the Asian-American, Pacific-Islander communities,” said Malcolm Morris, Chairman and Chief Executive Officer of Stewart Title Guaranty Company. “In keeping with our commitment to multicultural markets, we know that providing documents to customers in the language they are most comfortable speaking and reading is an important part of creating a successful home buying transaction.”
According to AREAA, on average, Asian American homebuyers have the greatest median household income, median down payment, home purchase price, educational attainment (which predicts future income potential) and some of the lowest delinquency and foreclosure rates compared to other demographic groups.
“Additionally, the Asian American population is growing at a rapid rate, and with average home purchase prices and loan sizes greater than any other population, Asian American consumers represent the most profitable segment of the housing market on a per transaction basis. However, language barriers are commonly cited by experts as one reason Asians trail other ethnic groups in homebuying – creating a homeownership gap,” Chiang continues. “By partnering with Stewart Title to provide these documents, we hope we are making great strides toward closing that gap,” he added.
Stewart Title Guaranty Co. is wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC), 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 throughout offices in the United States and international markets. Stewart also provides post-closing lender services, 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 www.stewart.com.
With more than 12,000 members in 38 States, AREAA is the only trade organization that represents the diverse Asian American community and gives Asian real estate professionals a voice in the various policy and business discussions that affect the real estate market and Asian American consumers. For information, visit www.areaa.org. Among its many educational and networking opportunities, AREAA will hold its third annual Convention & Gala will be held Oct. 9-12, 2008, at the Hyatt Regency Century Plaza in Los Angeles. For information about the convention, visit www.AREAA.org/convention.