Four questions with Kim Risi of Stewart Title Co.
February 5, 2016
Born near Galveston, Texas, in 1893, Stewart Title Co. is a global real estate services company that has laid roots in the Vail Valley, with office locations in both Edwards and Vail. Kim Risi is the local division president, and she recently took the time to share about their operations with Vail Valley Home:
Vail Valley Home: How does Stewart Title Co. aid with the process of purchasing and selling a home?
Kim Risi: Our dedicated title and escrow professionals live in the Vail Valley and are experienced with the intricacies of our local and unique market, as well as the ins and outs of every type of residential and commercial resale, new construction, refinance and international transaction. We strive to make the process of buying and selling properties seamless and simple for our customers.
VVH: How does the company ensure that investments are protected?
KR: Title insurance for property owners, called an owner's policy, is usually issued in the amount of the real estate purchase. It is purchased for a one-time fee at closing and is valid for as long as the owner or his heirs have an interest in the property. This is what fully protects the buyer.
Title insurance for mortgage lenders is called a loan policy. Most lenders require a loan policy when they issue a mortgage loan. The loan policy is usually based on the dollar amount of the loan and it protects the lender's interests in the property should a problem with the title arise.
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VVH: What are some of the trends or new additions in the title process that you have seen recently?
KR: One of the biggest changes in title services and lending was implemented this year by the Consumer Financial Protection Bureau. The implementation of the TILA-RESPA Mortgage Disclosure rule implementation was enacted to make it easier for consumers to shop for mortgages and protect them from costly surprises at their closing by integrating consumer disclosures. Here in the Vail Valley offices, we are actively educating our customers and taking the changes brought about by the rule as an opportunity to provide better transparency and service to all parties involved in the real estate transaction.
VVH: Anything else you would like to add about Stewart Title Co., or what makes it stand out in the valley and/or within the overall industry?
KR: Stewart Title is in more than 80 countries around the world. With offices in many locations, we can make it easy for our clients to close their transaction — wherever they are. We understand that our customers have a choice in what title company to use, so we take advantage of personally getting to know our customers and giving each transaction the attention and a personal touch it deserves. We believe that building strong relationships, especially in a small community such as the Vail Valley, is the cornerstone of every transaction.
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