Stewart Title Limited, underwriter for UK, European, and Australian property transactions for Stewart Information Services Corp., recently announced that it has partnered with Property Exchange Australia Limited (PEXA).
As part of the partnership, Stewart Title Limited allows PEXA to cover the ‘lodgement gap’ in relation to transactions conducted on the PEXA platform by underwriting the risk.
“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.
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.