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
08/29/2019
Whether you're looking for a new home or are planning to put yours on the market, there are some deal breakers to look out for. Not sure what they are? This post can help!

The Most Common Home Buying Deal Breakers

Most home buyers have a pretty clear idea of what they want in a home, but many may not stop to consider what aspects can be deal breakers. In reality, some deal breakers may not seem like a big deal on the surface, but upon further review, they can end up being a nightmare. To avoid these issues, check out this list of common deal breakers.

Issues With the Roof

By just looking at a home you can tell that the roof is not a small detail. It covers a large surface area and it needs to be in great condition in order to prevent further issues. Unfortunately, a new roof can be quite pricey. Because of all of this, a roof that is in bad condition can be considered a deal breaker. A few missing shingles or small patches that need repairs can be worked with, but a roof that needs to be replaced will set you back quite a bit. On top of that, a roof that has been in bad condition for a while can also mean there are more issues to deal with, such as leaks and rodents.

Plumbing Problems

Although you may not think about your home's plumbing system if ever, it's important to note that it won't last forever. Age, bad installation, and other factors can lead to a faulty plumbing system. While this may not seem like a huge deal, faulty plumbing can lead to leaks, flooding, structural damage, and other serious problems for your home. It can be hard to see the exact condition of the pipes in the home, but looking out for signs of issues, such as leaks and slow faucets, can be signs of a problem. To avoid the issues that come with plumbing problems, including the price of fixing the plumbing system, look for a home that has been maintained better.

Living in a Flood Zone

Similarly to the point above, living in a flood zone can lead to issues in your home. If you've never had to deal with flooding, you may not realize how serious the damage can be to the structure of your home and to the contents of your home. Along with that, you may find you're constantly stressed during the rainy season as you anticipate the worst every time it rains. Of course, there's also flood insurance to worry about. When living in a flood zone, your flood insurance payments will be more pricey because of the serious risks of major flooding and damage. If you're shopping for a new home during the dry season, be sure to ask about the other seasons of the year just to be sure the home is in a good location. Finding the perfect home can take quite a while, so don't let your efforts go to waste. Be sure title insurance in Fort Myers is part of your deal at closing. With title insurance, you can be sure your investment will be protected. To get all of your title insurance questions answered, contact Schutt Law at (239) 540-7007.

Mold in the Home

Not only is mold unsightly, but it can also lead to serious issues for your health and your home. If you or someone in your family already has respiratory issues, mold can make these worse. On top of that, it also carries bad odors and can make your home look dirty and uninviting. Mold doesn't just appear for no reason either. It is usually the result of leaks, flooding, water damage, or other moisture issues in the home. In some cases, it can be tough to get rid of, which can cause structural damage that will need to be taken care of. If it tends to come back, you're better off looking at other homes.

Pests Living in the Home

Small pests in the home may seem like a small issue that is easy to resolve, but that isn't always the case. Whether they're termites, rats, or roaches, take them seriously and consider why they're present. If it's because of where the home is located or another factor you can't control, then they may always be a nuisance. If they've been allowed to live in the home freely for a while, they may have already caused some structural damage. Before deciding it's no big deal, check the home thoroughly for damage or move on to another option.

Get Title Insurance in Fort Myers

For maximum peace of mind, be sure to purchase title insurance in Fort Myers. Get the best protection by giving the title insurance experts at Schutt Law a call. Contact them at (239) 540-7007 to learn more.