SCHUTT LAW FIRM, P.A.
Phone: 239.540.7007
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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
A move can be stressful or a good change of scene depending on the person. Many go through several phases, and hopefully, this post by Schutt Law in Fort Myers can help people move houses smoothly.
If you're ready to purchase your dream home, let the experts at Schutt Law in Fort Myers find the best insurance plan for you! Call (239) 540-7007 or shoot them an e-mail at glenysh@schuttlaw.com for real estate closings.
Most people overlook what moving out and moving in really entails. Try approaching this process with the help of friends or even professionals who can provide a car to move some things or help arrange the items in the new home. So to keep things simple in case you are moving soon. Here are some tips that can help you move houses smoothly and make the process less stressful so, write all these suggestions down.Cleanliness is Important
Even if you don't like cleaning, you will do it. Before you put all your stuff in boxes, it's necessary to classify and pack clothes and essential items and, above all, get rid of objects that don't work. Since space is money, you may have to cut yourself out of clothes that you no longer wear and things that will only add to the load. Experts recommend refraining from emptying the drawers that contain delicate items because you won't require boxes. Also, when you are in your new home, you won't need to organize those small pieces right away unless you already know where to place them.Boxes and Bags Will Be Your Best Allies
Suppose you need to get boxes, nothing better than going to the corner store and buying one where they stored eggs—or asking employees for the ones used to move their merchandise. Also, a newspaper is excellent for wrapping delicate dishes, glasses, or items that can easily break. You can use tape to seal the boxes and bags but, keep in mind that you must use one made from a material that allows you to write what each one contains. You could also buy different colored markers to label what goes in each box o bag. For example, you can label each box depending on the content.If you're getting or selling a home, don't be so quick to disregard the power that title insurance has. To learn more about title insurance, contact the experts at Schutt Law in Fort Myers. Give them a call at (239) 540-7007 and let their experts walk you through this process.
Choosing a Good Moving Service
When there are few things, some prefer to use mobile applications to minimize costs. But if there are several pieces you're worried about, it'll be best to hire a moving service and quote with several companies of this type. As some items hold sentimental meaning or involve a high cost, it's advisable to ask acquaintances who have used these services. In the same way, know you can inquire online about these companies on their websites and request the average rate of a move; companies that need to move merchandise to other states or in the same city can be helpful. You can even specify the details of the place where the movers will collect your things and deliver them to the destination. You also have to give details of the furniture, items and other objects that will be delivered to your new place. Once you have chosen a moving service, and the day is approaching, remember that to move houses smoothly to have on hand in a box or bag, food, and cleaning supplies because you'll need to fill up with energy and clean your new space before you get to unpack.Request Information about Your New Residence
You have to consider what will happen before and after moving houses in this position. For instance, you should check and hire new service providers such as internet, gas, water, and telephone. Plus, compare the different supermarkets in the area and entertainment places such as malls, movie theaters, or restaurants. Lastly, even if you manage to do it sooner, you can be joined by a professional to inspect the areas that require maintenance, improvement, or need something additional.Consider Title Insurance
If you are the owner of a new house or renting a property, remember that moving houses smoothly will always be of great help to have title insurance backing you up. There are several types of coverage on the market.If you'd like to know more about the benefits of insurance, reach out to the experts at Schutt Law in Fort Myers and give them a call at (239) 540-7007 and let them design a package tailored to your needs.
12601 New Brittany Blvd
Fort Myers, FL 33907
Phone: 239.540.7007
Fax: 239.791.1080
