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
When you're in the process of buying a home, getting a home inspection will eventually be required. Don't pick just any home inspector to do the job. Use these tips to pick the right company.
Tips to Help You Pick a Home Inspection Company
Finding a new home at the right price can take some time, so it makes sense that you do find the right one you'll want to close the deal as soon as you can. Before you rush into things, however, be sure you go through the necessary steps to ensure your investment is a good one. This includes getting a home inspection so that you're sure the home you're buying is sound and in good condition. Not just any home inspection will do, either. Use these tips to find the best home inspection company around.Get Recommendations
Instead of choosing the first home inspection company that comes up on your search, ask around for a recommendation. Friends, family, or coworkers you trust and who have recently worked with a home inspection company are the perfect source for a great recommendation. They'll be able to provide you with an unbiased and honest opinion you can trust. Don't just ask for them to recommend a company. Be prepared to ask them questions about their experience with the home inspector, the professionalism of the inspector, and the helpfulness of the company.Make Sure They Focus on Inspections Only
There are tons of home inspection companies for you to choose from, but one thing to look out for is those which are also repair companies. It's not always the case, but providing both of these services can lead to a conflict of interest. You may be left wondering if the issues that come up in the home inspection are really there or if it's just a way to sell you a repair service on top of the inspection. You're better off hiring a home inspection company for one job and then looking for a home repair service if issues do come up.Ask About Certifications
Depending on the state you're in, home inspectors will have to have some sort of certification in order to run their business legally. Before settling on a company to trust with your home inspection, be sure they have at least the required certifications. Even if a certification isn't required in your state, companies who do have them will be a better option because it shows that they took the time to get them. This can make them more trustworthy and give them a professional edge. Don't forget that you can also look up reviews and certifications online, so use this to your advantage. Before deciding to invest in a home, not only will you need a home inspection, you'll also have to invest in title insurance in Fort Myers. With title insurance you can be sure your rights to ownership will be protected, giving you added peace of mind as you move into your new home. To get your title insurance question answered, contact Schutt Law at (239) 540-7007.Know What's Included in an Inspection
Before hiring a home inspection company, do your research and know what should be included in a home inspection and at what price. This will help you be more prepared to ask questions and get your money's worth. In general, a good home inspection will take anywhere from two to three hours and will cost anywhere from $300 to $1000 depending on the size of the property and its location. There are some base services that should be included and others which will cost you an additional fee. To learn what these are, do some online research.Listen to Your Realtor
If you've hired a real estate agent to help you with the home buying process, they're also a great resource when it comes time to look for a home inspector. If your agent has a lot of years of experience in the business, chances are they have a long list of contacts they trust. Ask them to recommend a few inspection companies they've worked with and do a bit of research on each before making your final choice.Purchase Title Insurance in Fort Myers
As you get ready to purchase a home, don't forget to include title insurance in Fort Myers in your plans. If you're not sure why title insurance is such an important part of the process, the title pros at Schutt Law will be happy to help answer your questions. Give them a call at (239) 540-7007 to learn more.12601 New Brittany Blvd
Fort Myers, FL 33907
Phone: 239.540.7007
Fax: 239.791.1080
