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
Given the progressive movement of the world economy, this post by Schutt Law in Fort Myers may come in handy to help you understand how inflation affects the real estate market before you jump headfirst into the sector.
Don't forget the importance of getting title insurance to shield your ownership rights. Call (239) 540-7007 to contact Schutt Law in Fort Myers and help you handle the paperwork.
At the beginning of the year, one of the inevitable questions is how the entire economy will adjust after the inflation process. Even though inflation doesn't respond to periods of time but to economic adjustments, for that reason, it's expected that with each beginning of the year, questions and doubts about its evolution pop up.Volatile Times
Regarding the dynamism of the real estate sector, this is one of the spaces most affected by inflation. It's, in fact, one of the reasons why people refrain from making investments since it generates uncertainty about what will happen to their assets. However, knowing how inflation affects house prices and the real estate market will help you make an intelligent investment. For that reason, this post explains what real estate inflation is and how inflation affects the real estate market.What Is Inflation?
Inflation is one of the almost inherent processes of the world economy. It refers to the rise in prices of nearly all nation's products, goods, and services and can have multiple causes.Inflation by Demand
This type of inflation begins when the demand for specific goods or products outgrows production numbers, imports, or the existence of what is requested, when facing the impossibility of matching production and demand for products, the price of what is still circulating in the market increases.Cost-Push Inflation
This occurs, in most cases, when specific raw materials and fuels, such as gas and oil become pricier. Given this, merchants and service providers increase their prices to maintain their profit margin and cover the increased cost.Self-Constructed Inflation
Inflation in the economy of a country is part of a projection. If the authorities that regulate economic issues anticipate higher inflation, they can gradually adjust prices to lessen their impact.Inflation Due to Expectations
In a nation that already has high and constant inflation rates, it's common to see workers requesting an increase in their wages to meet their increasingly higher expenses. Faced with the increase in money in circulation, those who offer products and services are forced to increase their sales prices so that production won't exceed demand, following poor recovery expectations. While understanding how inflation affects the real estate market may push people to abstain from investing, you can follow several tips. With these, you will have the security that the investment you make will not run risks while being profitable.Using the right tools will help you close the sale quicker. Reach out to Schutt Law in Fort Myers, and their experts will be happy to show you the ropes. Call (239) 540-7007 and let them advise you on protecting your investment.
Advice for Investors in the Face of Real Estate Inflation
Don't Stop Investing
Contrary to other sectors of the current economy, the real estate sector is always crucial for developing dozens of families. This guarantees that there will always be economic movement and profits for those who invest carefully in real estate. One of the notes that experts can review on the subject is that, just as properties increase in price, so does their future income. If purchasing a property for this purpose is in your plans, consider analyzing to establish a reasonable rental fee. This means not being excessive, but the price is adequate to cover basic living expenses.Consider Buying Commercial or Industrial Land
Commerce and industry are activities that society maintains in constant operation and evolution but, in turn, are more affected by inflation. This also means that they will be continuously searching for spaces adapted to the needs that the price increase generates. Commercial or industrial land with a moderately strategic position, essential services, and affordable rental prices will be the most popular in the face of changes. This lease works best during real estate inflation is by charging minimum rents, particularly below the average. Although it may seem risky, low-cost offers become more attractive, and those who occupy them are more stable customers. This guarantees a continuous return on the real estate investment through a fixed income.If you're ready to be a homeowner, know you can rely on the pros at Schutt Law in Fort Myers. Call (239) 540-7007 to get the best title services at your disposal.
12601 New Brittany Blvd
Fort Myers, FL 33907
Phone: 239.540.7007
Fax: 239.791.1080
