SCHUTT LAW FIRM, P.A.
Phone: 239.540.7007
Blog
06/08/2017
Getting title insurance will probably be a request from your mortgage lender, but it never hurts to know what the process entitles. Here is a quick guide to the title insurance process in Fort Myers, FL. You did it! You’re almost done with the long process of buying a home. You found a house, successfully bid on it, and now you need to complete a few steps before officially becoming a home owner. As your mortgage lender will request, you need to get a home appraisal, and get title insurance as a condition for your loan. You’re probably interested in learning what exactly goes on in the title insurance process in order to understand your lender’s request, which is why Schutt Law- Title Insurance Agency has enlisted the six steps in the title insurance process in Fort Myers, FL.

Step 1: Apply for Title Insurance

In order to get the title insurance process started, you need to call your chosen agency and request it.  You should do this right before your offer has been accepted because it’s a process that needs to be completed before closing .When you call Schutt Law- Title Insurance Agency  they will provide a brief report with all the basic information about the property such as, how the title is presently on record.

Step 2: Record Search and Title Examination

Once the title researcher has established all the basic information, they will look into the home’s historical records. The records should contain information about mortgages, liens, wills, and current problems with the deed to the property. It’s actually really common to find deed problems during the title search. There are plenty of reasons why they can arise: missing heirs, unknown liens, encroachments, illegal deeds, and sometimes accidental errors when transcribing the information in public records. All title problems should be fixed before closing or you’ll be stuck with someone else’s responsibilities.

Step 3:  Binder Issuance

After the title record has been examined your title agency will prepare a binder, also known as a preliminary title report. The report stipulates the protection provided by the title insurance company. You will find the amount of coverage, the protected parties, the policy terms and conditions, and the limitations under which the coverage functions. These limitations will detail any clouds found on the title that might affect the sale. This is the moment when you make your decision if you’re going to go ahead with the title insurance process or let it go. Talk to Schutt Law-Title Insurance Agency if you have any questions about the preliminary title report. It’s always better to make a decision with all the possible information, and they will gladly answer every question that you have. Remember that their number is (239) 540-7007.

Step 4: Revealing the Clouds

Clouds are unrevealed issues on the title. There are plenty of reasons why they can appear: unpaid taxes, inaccurate services, foreclosure attempts, encumbrances, and other recent occurrences under the present owner. Don’t forget that any title issue left behind by the previous owner becomes your responsibility and sometime fixing those issues can be costly.

Step 5: Clearing the Clouds

Now that the binder has made the clouds visible, an investigation is started to find their origin in order to find a solution. Sometimes, clouds can be easily resolved in a matter of hours. Some other times, the process can take weeks or even months to be resolved, if they require legal action. It will probably be a pricey affair to deal with.

Step 6: Pay a Title Insurance Premium

Your last step in getting title insurance for your new home in Fort Myers, FL, is to make a single premium payment. Unlike any other types of insurance, title insurance needs to be paid for only once and you and your heirs are protected for life…or until someone decides to sell off the property. The premium will be paid along with other legal fees and taxes as part of the closing tasks. As soon as you make the premium payment, one of the copies of the title insurance policy will go to your mortgage lender and another to the property’s records. After this you can forget all about having to deal any more payments for your title insurance.

 Begin Your Title Insurance Process in Fort Myers, FL

If you’re sure that you’ve found “The One” and your offer has been accepted, you should do all you can to protect your new investment. As you know all kinds of insurance are available, although they can be costly, many of them are truly necessary. Title insurance is one of those needed insurances. Go ahead and call Schutt Law-Title Insurance Agency at (239) 540-7007 to begin the process pronto. Soon you’ll be in your new home resting comfortably knowing you’ve got all the protection you need.