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
Homeownership can be overwhelming. Are you ready to step into this new life stage? The experts at Schutt Law in Fort Myers are qualified to help you determine when is the best time to buy an apartment.
If you need guidance concerning real estate, get in touch with an expert at Schutt Law in Fort Myers by calling (970) 255-7677 to learn more about the perks of having title insurance.
When Is the Best Time to Buy an Apartment?
No matter how old you are, you are probably thinking of becoming independent and living on your own in a new home, but when is the best time to buy a property? Before answering this question, it's necessary to consider several factors. Everyone has different individual preferences when choosing a home, and today, this post will focus on apartments. And perhaps you didn't know that certain aspects determine an ideal time to buy it. Many people start their search too late or too early, so it's vital to do your research. The purchase of a property is best made when planned, and for this, you must first focus on your basic needs. So, if you are looking for more details and information on the subject, below you'll find an explanation as to when is the right time to buy an apartment.Set Your Short and Long Term Goals
To begin your search for an apartment, you must consider getting your finances in order and setting your plans for the future. Buying a property implies that you will be staying there for an extended period of your life, so you must make sure that you feel truly ready for this phase. Once you're financially prepared, it might be the ideal time to think about buying an apartment, as this is a critical factor in determining whether you're ready to live independently. As for your plans, it's essential that you consider the pace of life you lead and if what you need is a permanent place where you want to spend every day. You can start searching for your future home with all this in mind.If you’re ready to be a homeowner, know you can trust the pros at Schutt Law in Fort Myers. Call (970) 255-7677 to inquire about the most suitable title services at your disposal.
Read the Descriptions in the Listing
As you may already know, most real estate affairs are now being handled through the internet. It's no longer necessary to go to each apartment building to tell if something is for sale or not. Most real estate agencies have a website where you can find everything you need. You must pay attention to the description since it is there where the seller details if the apartment is available or not and other relevant considerations for you. You may also be able to access photos of the apartment's interior to get a better idea and determine if it's what you're looking for.Define Your Search
The search for an ideal apartment can get overwhelming. Thus, you should list all your needs and see if it fits your current budget. So defining the house hunt will be a step in the right direction. Having a list of priorities, requirements, and everything you're looking for will ease your search, so you must see which services you need and which you could do without, such as laundry, dishwasher, patio, pool, elevator, gym, etc.Consider Your Daily Commute
Then, include potential neighborhoods in your research. It would be best to consider how much time it takes to get to work or your favorite places, access to public transport, restaurants, shops, etc. It would be best to decide how far you are willing to travel to get to work. If the apartment is close to your work but far from the places you often go to, it might not be the right option. In any case, you must decide your definition of the ideal apartment. The more specific you are, the easier it will be to narrow down possible options.Start Visiting Appartments
Once you have narrowed down your search and found your possible options, you must take some time and make an appointment to visit an apartment complex that you've set your sights on. Also, don't forget that it's essential to walk around the neighborhood and find out if you feel comfortable in the area. Believe it or not, the photos don't always do the place justice, nor do they accurately portray the property. So it's always better to schedule an in-person visit to get a final say. If this isn't possible, video tours are a great alternative, as it's an excellent way to get an idea of the property.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. Give them a call at (970) 255-7677 and let them advise you on protecting your investment.
12601 New Brittany Blvd
Fort Myers, FL 33907
Phone: 239.540.7007
Fax: 239.791.1080
