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
09/08/2016

How to Know You Found The One When You Are Looking For a House

It’s time for you to take that big step of buying a home. You’ll probably look at many options before you find on that fits your needs.  Your real estate agent can't force you to buy a house, your friends can't make that decision for you, and you definitely won’t find a sign outside of the house that says “I’m the One”, but if you follow these house hunting tips by Schutt Law you’ll find it easier to know if you found your ideal home. Once you do, don’t forget to get title insurance to make sure you are buying a safe investment.

You Feel You Need to Go Inside

You come up to the street where the house is located, not even knowing which house it is and you are immediately struck by one, turns out it the one you are visiting. Feeling the pull to go inside like love at first sight, is a good sign.

You Feel at Home

When you go inside the house you feel like it’s already home. The house feels comfortable and cozy. The first feeling you have when you go inside a place says a lot, you wouldn’t want to live in a place that feels cold and gives you an uncomfortable vibe.

 You Feel Possessive

You haven’t even finished touring the house when you already start feeling possessive about it. You find it a personal offense when the agent mentions a flaw in the house. Immediately you jump up to defend it, because to you it looks and feels perfect.

Even the Bathroom Suits You

There is this weird feeling people get that tells you that place is no right for you: you don’t feel right stepping into the bathroom. The sole idea of walking barefoot on that floor gives you the creeps, so you just peek you head in. On the other hand, if you actually go inside, open the shower curtain, touch the surfaces and feel like you could shower comfortably there, that house might be the one.

You Are Decorating it in Your Mind

As you step into each room, you start to picture where you would place every piece of furniture you own, where you’d hang your favorite painting. You imagine you and your family spending Christmas there, along with the smells that would be coming from the kitchen and where you’d place the tree.  The perfect color for each wall has already been decided, and you are already calculating how much paint you would need. You can actually see yourself living and planning a future in that house. Now that you are actually thinking of a future in that house, you better be protected. You need to look into title insurance to make sure there won't be any future legal problems once you buy it. Schutt Law can be you companions during the title insurance process. Call them at: (239) 540-7007 to know more about it.

It Has What You Need

The house has almost everything you’re looking for in a home, or at least the most important features. You know you can probably fix or add the other things you need in the future. If the features it has are superior to the ones it doesn’t, why overthink it?

You Feel You Can Stop Looking

If you saw a house that enchanted you and looking at more options isn’t appealing to you anymore or you find yourself comparing every other house to “that one”, you’ve made your choice already.

You Plan Your Housewarming Party

You are looking around the house and you take some photos to send to you friends, not because you want their opinion but because you want to show it off. You haven’t bought the house, but you’re already inviting them to visit for a housewarming party.

You Feel the Need to Buy It

No matter what you do, you can’t stop thinking about making and offer. The house feels perfect for you. You probably do get a little bit of cold feet, but it’s nothing a good night’s sleep won’t fix. The need to make the purchase is great.

For Title Insurance

Hopefully you decided you found the right home. Get title insurance for your new real estate. Call Schutt Law at:(239) 540-7007 to understand what the title insurance process entails and why you should definitely get it before making the big purchase.