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
Keep reading this post by Schutt Law in Fort Myers to learn more about getting your rental deposit back if your lease is about to expire and you don't want to renew it.
Once the lease period ends, the owner must return the rental deposit as a guarantee when signing the lease. Each lease will specify the cases in which the landlord will have to return the deposit, but the most common reason for returning it is when the property is undamaged. Use these tips suggested by Schutt Law to get your rental deposit back after your lease ends.
Once the lease period ends, the owner must return the rental deposit as a guarantee when signing the lease. Each lease will specify the cases in which the landlord will have to return the deposit, but the most common reason for returning it is when the property is undamaged. Use these tips suggested by Schutt Law to get your rental deposit back after your lease ends.
It's never too early to learn more about title insurance and its benefits. Having title insurance will protect your right to own property so, if you haven't closed a deal, call Schutt Law at (239) 540-7007 to get in touch with their experts regarding title insurance in Fort Myers.
Do a Detailed Home Inspection upon Move-In
When the owner gives you the keys to the property, you should carefully review it to see the conditions of the installation. Take photographs or videos of the property and send them to the landlord; they'll serve as a backup when the rental contract ends. By doing so, you'll be avoiding paying damages that are already in the home while ensuring the return of the rental deposit from the moment you move in.Review the Lease Carefully
If you want to end the lease or if it's soon to expire, you must examine the following procedures:Verify the Stipulated Clauses
It's convenient to keep them in mind if you committed any infraction where the owner didn't proceed immediately; he can do so once the contract ends and claim compensation for damages.Leave the Property Spotless Before Moving
The housing must remain as described in the contract and analyze what cancellation conditions may exist. In case you want to cancel early, you must take responsibility for your obligations as a tenant. It's imperative to examine the lease if you are looking to get your rental deposit back.Read about Leasing Laws
The owner can be protected by the leasing laws of the city where the property is located. Therefore, you must also protect yourself by researching the rights of the tenants. This step will make a big difference for the return of the rental deposit in case you comply with everything stipulated in the contract.Be sure to purchase title insurance in Fort Myers next time you buy a house. Let Schutt Law's specialists advise you to make the best decisions throughout this process. Call (239) 540-7007 if you have any questions.
Clean and Repair Damages
When it's time to move in, it is crucial to clean the property and repair damaged areas thoroughly. Pay attention to windows, floors, and ceilings. Don't forget to clean the kitchen, bathroom, and bedrooms before handing over the home, as it'll prevent your landlord from charging you extra. Moreover, repair damages that arose during the time you lived in the property. Invest time and money to leave the property as you received it. By doing so, you will be securing your rental deposit. If you made improvements that are useful and permanent for the use of the house, the owner would be obliged to pay if he authorized them. Don't forget that if modifications are made without the owner's consent, the owner can claim compensation for damages and use the rental deposit to make repairs or force the tenant to restore things to their previous state. It's the owner's responsibility to keep the property in suitable conditions to be inhabited.Pay on Time
In return for the rental deposit, it's essential to have paid on the dates stipulated in the lease.Request a Debt Validation Letter
If the apartment or property you rented periodically requests maintenance fees and covered all the expenses of renting a home, ask for the receipts from the administration. Furthermore, you must save and sign the receipts or promissory notes of the rent. These will serve as a guarantee to recover the deposit.Finally,
It's required to have covered all types of debt with the owner to ensure the deposit. If you didn't pay the rent or maintenance on time, you could lose it. Before signing and finalizing the rental contract, you should consult an expert on the steps to follow to avoid disagreements with the owner if you decide to move out of the property.Don't be afraid to reap the perks of having title insurance in Fort Myers! If you want to know more about this service, call Schutt Law at (239) 540-7007.
12601 New Brittany Blvd
Fort Myers, FL 33907
Phone: 239.540.7007
Fax: 239.791.1080
