SCHUTT LAW FIRM, P.A.
Phone: 239.540.7007
Real Estate
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:
http://www.stewart.com/en.html
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 heirshipProbate 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
06/30/2020
If it's your first time stepping into the real estate world, you might be feeling a bit intimidated. Luckily, a real estate agent can help. To ensure you go with the right agent, use these tips.



Ignore These Real Estate Agent Myths When Buying a Home

If you're a first time home buyer, the real estate market can be quite intimidating. There are quite a few things you'll have to learn pretty fast in order to feel comfortable through the process. Hiring an agent can make it all much easier, but you might hear some misinformation from friends that can deter you. Below are some common real estate agent myths you can ignore when looking for a new home.

Myth: You Can't Change Your Real Estate Agent

If you're putting off hiring a real estate agent to help you find or sell a home because you think your decision is final, this simply isn't true. There is no law that states that the first agent you hire is the only one whose services you can use. In fact, if you hire an agent and you're not satisfied with their work, there is no reason why you have to keep them. In most cases, as a buyer, you won't even be asked to sign a contract. If you do sign a contract for a term, you can always ask to be released from it early. It is, however, a good idea to do your research so that you start off with a real estate agent that will work well with your needs.

Myth: All Agents Are the Same

The real estate market is huge and diverse. Similarly, the pool of real estate agents to choose from will be large. If you're tempted to go with the first option you see simply because you think they will all offer the same services, this actually isn't true. You will want to look at an agent's history and specialties before deciding they're the right one for you. For example, if you're looking for a luxury beach home, you wouldn't go with an agent who has zero experience in this market. It can also help to go with an agent who is local since this can mean they know the area best and are familiar with average selling rates, differences in neighborhoods, and other local details.

Myth: The More You Spend, the More They Make

While real estate agents do work for commissions, this doesn't necessarily mean they'll push you to buy the most expensive house on the market just because it means more for them. As an agent, they'll try to help you find the best home for your budget and your needs. It's also important to keep in mind that a difference a few thousand dollars doesn't make much of a difference in what your agent makes in the end, so there's no need to worry that they're pushing you to make a purchase because it benefits them. If you've found your dream home, be sure to purchase title insurance in Fort Myers to protect your investment. To learn all about the importance of title insurance, contact the friendly experts at Schutt Law at (239) 540-7007.

Myth: All Real Estate Agents Make 6% Commission

Many people believe that all real estate agents make the same 6% commission no matter what. The truth is that there is no standard commission rate at which all agents work. In fact, this number can vary depending on a bunch of different factors. In general, the commission an agent makes can be negotiated and can depend on the type of property being bought or sold. Luxury sales will often make more than a standard rental, so don't be tricked into thinking there's a standard rate.

Myth: Real Estate Agents Will Lie to Make a Sale

Real estate agents take their work seriously, just like any other professional. While there may be some who are just out to make a sale, this isn't the case with most of them. When you choose your agent, go with someone you trust and can rely on. If you start to suspect they don't have your best interest in mind, feel free to make a change.

Myth: Real Estate Agents Get Paid By Inspectors

Finally, many people think that their agent will get kickbacks from everyone that ends up making money from a sale. There are laws that forbid this sort of thing, so you can be sure that the home inspection company and mortgage lender aren't giving your agent anything to influence their actions.

Purchase Title Insurance in Fort Myers

When you finally have your dream home, be sure to protect your home investment with title insurance in Fort Myers. The title insurance experts at Schutt Law can answer all the questions you may have. Give them a call at (239) 540-7007 to get your questions answered.