SCHUTT LAW FIRM, P.A.
Phone: 239.540.7007
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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
If you want to get started in real estate without having to risk large amounts of money, Schutt Law in Fort Myers shares this guide on how to take your first steps to invest in real estate. Keep scrolling and take notes!
Using the right tools will help you close the sale quicker. Reach out to Schutt Law in Fort Myers, and their experts will be happy to show you the ropes. Call (239) 540-7007 and let them advise you on protecting your investment.
This post will walk you through different real estate investments and take your first steps in this industry. Investing in real estate is one of the safest and most beneficial ways to diversify your portfolio, even in times of crisis. Real estate rarely loses its value. On the contrary, it increases in value as housing demand increases. So, to ensure you make safe investments, you must learn how to invest in real estate without being an expert.How to Start Investing in Real Estate?
Create a Budget Plan
The first step is to have a budget ready that can be allocated in this venture without causing you financial concerns. It's advisable to look at your finances and create an investment plan. To get an idea of how much money you will need, research market prices according to the type of property you are interested in and the area where investing in real estate is attractive to you. Based on your research, start building a savings fund and put together the estimated amount you'll need for the initial investment, including the down payment, professional advice, fees, and other additional expenses. If you will use a mortgage loan, choose the one that best suits your profile, compares interest rates, and please, don't forget to read the contracts carefully. This is essential to avoid getting into debt. Learn about your investment options and determine your objective Investing in real estate is not only limited to buying and selling since there are multiple options for real estate. To start, you can choose between the following types:Residential Real Estate
It's a type of property focused solely on serving as a home, so it provides all the comforts of home. Includes houses, apartments, residences, farms, or vacation homes and those lands intended for housing construction.Commercial Properties
They include commercial premises and office spaces. These properties are usually the best to rent since their price is higher than residential properties. In addition, it implies lower maintenance costs.Industrial Land
Includes warehouses, warehouses, industrial buildings, and all those spaces used to produce goods and services. Investing in this type of real estate requires considerable capital but usually represents excellent returns. That being said, you must determine if you want to dedicate yourself to the sale or rental of real estate or to invest in small amounts in real estate projects. Once you have established your goal, you'll create or diversify your investment portfolio.Don't forget the importance of getting title insurance to shield your ownership rights. Call (239) 540-7007 to contact Schutt Law in Fort Myers and help you handle the paperwork.
Evaluate Risks
Although real estate investments could generate excellent returns, these will come as part of progressive growth. Initially, it would be best to consider your earnings as additional income and not as a way to displace your current income. Making your investment profitable may not be an easy task. To get a good result, you must consider factors that influence a property's capital gain, such as location, accessibility to services, and nearby places of interest. Normally, you will see long-term results, so you should not expect immediate liquidity right away.What Types of Real Estate Investments Are There?
- Buy to rent
- Resale of real estate
- Investment in vacation homes
Buy to Rent
If you have paid for your first house already, an excellent option to invest in real estate is to buy a second house to put it on rent. In this way, the credit will be paid through rent, and you will be able to grow your assets and obtain long-term profits.Real Estate Resale
In this investment style, the aim is to take advantage of the buying opportunities and take the plunge to purchase below market value, for instance, by buying houses at bank auctions, auctions, or presales. Once the home is purchased at a price below market value, repairs are made to increase its cost, or you wait until the right time to put it up for sale again at a higher price. Although this investment generates high income, it may not be ideal if you are looking for options on investing in real estate without money since it requires a large budget.If you're ready to be a homeowner, know you can rely on the pros at Schutt Law in Fort Myers. Call (239) 540-7007 to get the best title services at your disposal.
12601 New Brittany Blvd
Fort Myers, FL 33907
Phone: 239.540.7007
Fax: 239.791.1080
