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
Ideally, your home should sell within a month after you listed it. But what if, your home has been listed for months and no one’s taking it? These are some of the possible reasons why.
Why is Your House Still on the Market?
You can’t expect to sell your house from one day to the next, but it shouldn’t take months to get off the market either. Watching the weeks go by without receiving an offer on your house can be very frustrating and disappointing. If you’re wondering why your home is still on the market, keep on reading this article. Schutt Law-Title Insurance Agency has enlisted some of the possible reasons why your house is still available and what you can do to change it.Your Pictures Are Bad
You’re probably listing your home online because that’s where most buyers start their home search. You need to make sure that you upload the most flattering photos of your home. Maybe do some work to improve its curb appeal or take advantage of the natural light to highlight your home’s best attributes. Unfortunately, lousy photography can be the reason why no buyer is interested in your house. Try some of these tips to take better real estate pictures, or better yet, hire a professional photographer to do it for you. Professional photographs are well worth the price.Your House Needs Some Work
One of the biggest home selling mistakes you can make is selling your home as it is. Maybe to you, it looks great cause you no longer pay attention to what needs fixing, but a potential buyer will pay attention. Doing some simple renovations and repairs will help you sell your home quicker. Take a long and critical look at your home and find what needs fixing or what can be changed. Cover up the cracks in the walls and ceiling, remove outdated carpets, paint the walls, and declutter. To sell a house, you need to invest. Small changes can have a huge impact. Try to make your home as attractive as possible to potential buyers. Another way you can raise your home’s appeal is by including title insurance in the deal. Most buyers are probably going to get anyways. You can get ahead and purchase it before they do. Buyers will certainly appreciate a house with a safe title history. Contact Schutt Law- Title Insurance Agency at (239) 540-7007 to talk to the title insurance experts in Fort Myers.You’re Asking for Way Too Much
It might be possible that your asking price is way too high for buyers actually to consider your home. It’s a good idea to do a home appraisal before your list your house so you can get a better idea of how much to ask for and what changes you can make to the house. You’re not the one who decides how much your house is worth, the real estate market is. If your home just isn’t selling, it might be time to lower your asking price. Keep in mind that the price reduction should be significant to raise buyers’ interest. The good thing is, if your new asking price is attractive enough, you might get multiple offers and automatically go back to your original asking price.Your Agent Is Wrong for You
When it comes to real estate, you want the best person to represent you. You need to find the best possible real estate agent for your needs. Your realtor should be promoting your home and looking for potential buyers. But if they’re not doing what they promised to do, you can let them go and look for someone new. What’s the point of paying for someone’s services if they’re not delivering any positive results?Your House is Too You
A home should have character and personality, but it shouldn’t be the spitting image of yours. You live in the place, of course, it’s going to reflect your interests and personality. Maybe your home is too you. Bright carpets, flowery wallpapers, and a collection of sports trophies might not be what a potential buyer wants to see. Buyers want to be able to picture themselves making a home in the house, but if your personality is too overpowering, it might be impossible for them to do that. Ask your friends or talk to your realtor about how you can make your home more neutral and appealing. Also, if your realtor is going to be showing your home, try not to be there. Your presence might make potential buyers feel uncomfortable and unable to express their sincere opinions.Getting Title Insurance in Fort Myers Can Help Your Sale Go Faster
Most buyers will be getting a mortgage to pay for the house. One of the requirements they will have is to get a title insurance policy. You can get one step ahead and get the policy on your own and include it in your home sale. You can call Schutt Law at (239) 540-7007 to learn more about the title insurance process in Fort Myers and how it can help you sell your home faster. ;12601 New Brittany Blvd
Fort Myers, FL 33907
Phone: 239.540.7007
Fax: 239.791.1080
