A new comprehensive title insurance policy in Spain designed to protect residential purchasers of Spanish property and their lenders from a range of potential title issues is being introduced by Stewart Title Ltd.

It includes protection against fraudulent activities such as a Fly to Let properties being re-mortgaged or sold without the actual owner’s consent due to forged documents.

Steven M. Lessack, the company’s chief executive officer, said: “Because home owners face many risks concerning their property, it is more important than ever that buyers obtain the cover that the Safe Property Indemnity provides in order to protect one of their biggest investments.”

Lessack warns that when buying an overseas property, there are still hidden risks that even the most diligent professionals and/or established registration systems cannot protect against.

These defects can affect ownership and cause significant financial losses and worry before they can be rectified.

Stewart Title Ltd claims its comprehensive Safe Property Indemnity (title insurance policy) safeguards against loss or damage arising from many of such hidden risks which exist at the time of purchase, including but not limited to:

1. Outstanding taxes, quotes or unsettled community expenses on the property.
2. Someone else owning an interest in or having rights to the property (including the rights of tenants).
3. Forgery, fraud, duress, incompetence, incapacity or impersonation.
4. Lack of legal pedestrian or vehicular access to and from the property or any part of it.
5. Someone else having an easement over the property.
6. Any matters arising from any bankruptcy of seller.
7. Title is defective to the stage where another party can refuse to perform a contract to purchase, to lease or to make a mortgage loan.
8. A newly built property is smaller in surface area than contracted for when it has been purchased off plan.
9. Losses due to specific local matters detailed in the policy which may ultimately lead to expropriation of a whole or part of the property.

Without a title insurance policy, home owners may have to remedy the situation themselves, costing them time and probably legal expenses.

“For a minimal, one-time premium, a title insurance policy provides peace of mind that should the unexpected occur, Stewart Title will be there to restore title to the insured or indemnify the insured for any losses if that cannot happen,” concludes Lessack.

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