SCHUTT LAW FIRM, P.A.
Phone: 239.540.7007
YOU ARE HERE:  HOME / REAL ESTATE
Schutt Law Firm, P.A. - Attorney Profile
Home Closing 101
Do you know what to expect on closing day?
Most people don’t. And that can lead to some uneasiness. But help is here. The American Land Title Association, or ALTA, has created a website featuring information every homebuyer can use to help familiarize themselves with the closing process before walking into the closing

The Home Closing 101 Site
At Home Closing 101 you will find information you can use to prepare yourself for closing. The site covers topics such as title insurance, escrow fees and closing costs. So when the time comes to sign on the dotted line you’ll feel fully prepared.

Home Closing 101 is especially helpful for first time buyers. Buying a house is an exciting time and the more you know about the process, the more relaxed you’ll be going through it. Spend a little time on the site and you can walk through the home buying process, receiving explanations for each step and helpful hints on how to find the right people to help you on your journey to homeownership.

Click here to start learning about the home buying process.

What Is American Land Title Association (ALTA)?
Founded in 1907, ALTA is the national trade association and voice of the title insurance industry. ALTA members search, review and insure land titles to protect home buyers and mortgage lenders who invest in real estate.

ALTA members advocate safe and efficient transfer of real estate and insist on high standards when searching land title records and preparing insurance documents. The industry seeks to eliminate risk before insuring, which provides homebuyers with the best possible chance of avoiding land title problems. But, title difficulties can and do occur, and members offer both Owner’s and Lender’s title insurance policies as effective safeguards.

Click here to visit the ALTA website.

About Stewart Title Insurance
Stewart (NYSE: STC) is a leading provider of real estate services, including global residential and commercial title insurance, escrow and settlement services, lender services, underwriting, specialty insurance and other solutions that facilitate successful real estate transactions. Stewart offers personalized service, industry expertise and customized solutions for virtually any type of real estate transaction, through our direct operations, network of approved agencies and other companies within the Stewart family. Through a focus on integrity, smart growth and conservative management, Stewart remains committed to serving our customers, innovating and improving to meet their needs in an ever-changing market. 

Please click on the link below for more information:

WHY TITLE INSURANCE?

Owning real estate is one of the most precious values of freedom in this country. You want the assurance that the property you are buying will be yours. Other than your mortgage holder, no one else should have any claims or restrictions against your home.

Title insurance is issued after a careful examination of the public records. But even the most thorough search cannot absolutely assure that no title faults are present, despite the knowledge and experience of professional title examiners. In addition to matters shown by public records, other title problems may exist that cannot be disclosed in a search. Title insurance eliminates any risks and losses caused by faults in title from an event that occurred before you owned the property.

Title insurance is different from other types of insurance in that it protects you, the insured, from a loss that may occur from matters or faults from the past. Other types of insurance such as auto, life, or health cover you against losses that may occur in the future. Title insurance does not protect against any future faults, but does protect you from risks or undiscovered interests. Another difference is that you pay a one-time premium for a policy that remains effective until the property is sold to a new owner - even if that doesn't occur for decades.

What is a Lender's Policy?

A lender's policy, also known as a loan policy or a mortgage policy, protects the lender against loss due to unknown title defects. It also protects the lender's interest from certain matters which may exist, but may not be known at the time of the sale.

This policy only protects the lender's interest. It does not protect the purchaser. That is why a real estate purchaser needs an owner's policy.

What is an owner's policy?

An owner's policy protects you, the purchaser, against a loss that may occur from a fault in the ownership or interest you have in the property. You should protect the equity in your new home with a title policy.

What does an owner's policy provide?

- Protection from financial loss due to demands that may be charged against the title to your home, up to the cost of the title policy.
- Payment of legal costs if the title insurer has to defend your title against a covered claim.
- Payment of successful claims against the title to your home covered by the policy, up to the cost of the policy.

Why the seller needs to provide title insurance?

Any purchaser will need evidence that his investment in your property is free of title defects. The title insurance policy that you provide the purchaser is a guarantee that you are selling a clear title to your real estate, unencumbered by any legal attachments that might limit or jeopardize ownership. It will reassure your purchaser that he or she is protected from any risks or losses and could help you close your deal.

Why the buyer needs title insurance?

Without title insurance, you may not be fully protected against errors in public records, hidden defects not disclosed by the public records, or mistakes in examination of the title. As a result, you may be held fully accountable for any prior liens, judgments or claims brought against your new property. If this should occur, your title policy insures that you will be defended at no cost against all covered claims up to the amount of the policy.

How much does title insurance cost?

The insurance commission approves and controls the premiums for title insurance policies. The premiums are paid only once and the cost depends upon the purchase price of the property and the policy amount must be equal to the purchase price.

What does title insurance protect from?

  • Fraud
  • Adverse possession
  • Rights of divorced parties
  • Deeds by minors
  • Undisclosed Heirs
  • Errors in tax records
  • False affidavits of death or heirship
  • Probate matters
  • Deeds and wills by persons of unsound mind
  • Conveyances by undisclosed divorced spouses
  • Forfeitures of real property due to criminal acts
  • Deeds by persons falsely representing their marital status
  • Documents executed by a revoked or expired Power of Attorney
  • Defective acknowledgements due to improper or expired notarization
  • Mistakes and omissions resulting in improper abstracting
  • Forged deeds, mortgages, wills, releases and other documents
  • False impersonation of the true land owner
5/8/2024
This guide from Stewart: Schutt Law in Fort Myers offers insights, tips, and step-by-step advice for buying your first property and turning your dream of property ownership into a tangible reality.

Taking the First Step Towards Homeownership

Buying your first property marks a significant...
04/08/2024
Interested in becoming a landlord? Learn how to navigate the ins and outs of rental property management, from finding tenants to handling maintenance issues and beyond, in this post by Stewart: Schutt Law in Fort Myers

Becoming a landlord can be an enticing venture, offering the potential...
3/5/2024
Explore our comprehensive guide to finding the perfect rental property and learn everything you need to know in this post by Stewart: Schutt Law in Fort Myers.

In the realm of housing, the search for the perfect rental property can be both thrilling and challenging. Whether you're a first-time...
02/08/2024
From crafting compelling listings to leveraging digital platforms, discover strategies and essential tips for marketing a property effectively in this post by Stewart: Schutt Law in Fort Myers

Selling a property is a significant undertaking, and effective marketing is crucial in attracting...
01/05/2024
Inheriting a property can be both a blessing and a challenge. Learn the essential steps and considerations to confidently navigate the process in this post by Stewart: Schutt Law in Fort Myers.

Inheriting a property is a significant life event that can come with a mix of emotions, from the...
12/07/2023
Discover the essential role of a real estate lawyer in your property dealings. In this post by in this post by Stewart: Schutt Law in Fort Myers, learn how these legal professionals protect your interests from due diligence to closing.

Buying or selling real estate can be a complex and...
11/07/2023
Discover crucial home safety upgrades to protect your loved ones. Learn how to enhance your home's safety, from smoke detectors to first aid kits, in this post from Stewart: Schutt Law in Fort Myers

In a world where your home is your sanctuary, prioritizing the safety and security of your...
10/07/2023
Discover essential techniques for staging a commercial space effectively. Learn how to attract tenants and maximize its potential with these staging practices from Stewart: Schutt Law in Fort Myers.

Staging a commercial space for potential tenants involves more than just arranging furniture –...
9/11/2023
Discover the importance of commercial property maintenance in this post by Stewart: Schutt Law in Fort Myers and how it can help ensure your investment's longevity, functionality, and appeal. 

Commercial property maintenance plays a vital role in preserving the value and attractiveness of your...
8/7/2023
Discover the importance of effectively screening potential buyers for your property sale to ensure a smooth and successful transaction. Learn the key steps from Stewart: Schutt Law in Fort Myers.

The Significance of Buyer Screening in Property Sales

When it comes to selling your property,...