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
Avoid common estate planning mistakes that can jeopardize your wishes. This guide from Stewart: Schutt Law in Fort Myers, FL, unveils key errors to safeguard your legacy.
Estate planning isn't merely a task for the affluent or elderly; it's a crucial process that empowers individuals to protect their hard-earned assets and ensure their wishes are honored after they're gone. However, creating a solid estate plan can be riddled with potential missteps. Let's delve into ten common estate planning mistakes and discover how to avoid them, ensuring your legacy remains intact.
Avoid costly estate planning mistakes and ensure your wishes are honored. Call Schutt Law Firm, P.A. in Fort Myers, FL, at (239) 540-7007 to speak to a title agent today and gain peace of mind with a solid plan.
1. Failing to Plan
The most glaring and, unfortunately, widespread mistake is the absence of a plan altogether. Dying without a will, legally termed "intestate," leaves your assets vulnerable to the rigid dictates of state laws, which may not align with your personal wishes. A basic estate plan should incorporate essential documents such as a will, power of attorney, and a healthcare directive, laying the foundation for a seamless transition of your assets and ensuring your healthcare preferences are respected.
2. Neglecting to Update
Life is a dynamic journey; your estate plan should mirror its evolving nature. Major life events—marriage, divorce, the birth of a child, the loss of a loved one, or substantial changes in your financial landscape—should trigger a thorough review and potential plan update. Keeping your estate plan current maintains control over its direction and avoids potential conflicts or unintended outcomes.
3. Choosing the Wrong Executor or Trustee
The roles of executor and trustee are pivotal in carrying out your wishes after you're gone. These individuals are entrusted with significant responsibility, from managing your assets to distributing them according to your instructions. Therefore, it's imperative to choose trustworthy, responsible, and capable individuals with the skills and integrity to navigate the complexities of estate administration. Avoid appointing individuals who might be easily influenced, prone to conflict, or lack the necessary financial acumen.
4. Overlooking Digital Assets
In our increasingly digitized world, online accounts and digital assets hold substantial value—from social media profiles and online banking to cherished digital photos and intellectual property. A comprehensive estate plan should explicitly address how these assets will be accessed, managed, and distributed. Failing to do so could leave your digital legacy inaccessible to loved ones and potentially lost forever.
5. Ignoring Tax Implications
Estate taxes can significantly impact the value of assets transferred to your beneficiaries. Consulting with a financial advisor or estate planning attorney is crucial to devise strategies that minimize tax burdens and maximize the inheritance your loved ones receive. By proactively addressing tax implications, you can ensure your wealth is preserved and passed on according to your intentions.
6. Not Sharing Your Plan
Transparency is key in estate planning. Keeping your loved ones informed about your plan and providing them with access to essential documents can prevent confusion, conflict, and unnecessary delays in administrating your estate. Open communication ensures that everyone is on the same page, fostering understanding and cooperation among your beneficiaries.
Prevent the pitfalls of poor estate planning and ensure a smooth transition of your assets. Call Schutt Law Firm, P.A. in Fort Myers, FL, at (239) 540-7007 to speak to a title agent and start planning today.
7. Overlooking Beneficiary Designations
Reviewing beneficiary designations on retirement accounts, life insurance policies, and other financial instruments should be a regular practice. These designations often supersede instructions outlined in a will, making it vital to ensure they are up-to-date and aligned with your overall estate plan.
8. Relying Solely on DIY Estate Planning
While DIY estate planning tools and templates offer a sense of empowerment, they may not be suitable for complex estates or unique circumstances. An experienced estate planning attorney can provide invaluable guidance.
9. Not Considering Long-Term Care
As healthcare costs continue to rise, planning for potential long-term care needs is becoming increasingly important. Exploring options such as long-term care insurance or trusts can provide a safety net, ensuring your future needs are met without depleting your estate.
10. Ignoring the Importance of Asset Titling
How assets are titled significantly impacts their distribution and potential tax consequences. Consulting with a professional to understand the various ownership options and choose titling strategies that harmonize with your estate planning objectives is crucial.
In Conclusion
Seeking guidance from an experienced estate planning attorney can make all the difference in crafting a plan that truly reflects your values and aspirations. Don't leave your estate planning to chance. Take proactive steps today to secure your legacy and provide peace of mind for yourself and your family.
Don't navigate the complexities of estate planning alone. Contact Schutt Law Firm, P.A. in Fort Myers, FL, at (239) 540-7007 to speak to a title agent and create a personalized plan that protects your assets and fulfills your wishes.
12601 New Brittany Blvd
Fort Myers, FL 33907
Phone: 239.540.7007
Fax: 239.791.1080
