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
Relying on professionals could expedite the buying and selling process more manageable. Read this post by Schutt Law in Fort Myers to learn more about real estate brokers is and their real estate services.
Do you want to learn more about title insurance and real estate? Well, stopping by Schutt Law's website and browsing through their blog posts it's a good place to start. But, if you have more questions about their real estate services, call Schutt Law in Fort Myers at (239) 540-7007 and let them guide you in this process.
If you are about to invest in real estate, you may have heard the terms real estate broker and real estate agent, and it has been suggested that you seek the help of these experts to buy or rent any property. But, do you know what a real estate broker is and the differences between an agent and a broker? Knowing what a real estate broker is will help you understand some professionals' terms and vernacular in the real estate sector. Likewise, understanding what a real estate broker does before you start seeking professional help will allow you to decide whether or not you should hire their services during this new acquisition process. Read on to learn more about the role of a real estate broker and the benefits of hiring them.What Is a Real Estate Broker?
A real estate broker is a professional in the real estate sector in charge of analyzing the market during the acquisition of real estate or even land to detect properties that could drive more capital gains. In other words, a real estate broker is a specialist in charge of advising and guiding investments made in real estate, seeking to take advantage of the best opportunities for each client. Due to the above, it can be said that it's someone with specialized knowledge, an expert in the real estate sector, who knows everything about the dues and the laws that intervene in the buying and selling process. To sum it all up, a professional who guides clients to make investments in projects with potential is part of a real estate broker.What Does a Real Estate Broker Do?
Real estate brokers review and analyze the current real estate market to find the best investment opportunity. They offer their clients their advice and knowledge to guide them towards the best business opportunities in the market to generate income through real estate.Negotiation Is Key
A broker is in charge of negotiating investment percentages with companies. Especially in projects under development within the real estate market, your client has decided to invest in generating the highest possible profits. What a real estate broker does isn't limited to negotiating with large investors since it's also useful for families seeking to acquire equity through mortgage loans. Also, a real estate broker can advise you on the best interest rates and credit options on the market.If you find yourself in the need to make a claim for hidden defects, make you count with title insurance. Seek the professional advice of experts in this regard by calling Schutt Law in Fort Myers at (239) 540-7007 to learn more about their real estate services
The Differences between a Real Estate Broker and a Real Estate Agent
Both of Them Work Towards the Same Purpose but Serve Different Functions
While the two real estate professionals share the same goal: to generate income through the transactions of different properties; also the roles they perform to achieve their purpose are not the same. Meaning, a real estate broker will analyze the entire existing market to choose the land or housing that, according to the conditions observed during the examination, may produce a return on investment in the client's future. Essentially, a broker will analyze the current offers on the market to find the best property for whoever hired them without having a previous record. In turn, it will be in charge of finding the financing method that best suits the client's needs.They Establish a Different Relationship with the Client
Another difference between the two professionals is the relationship that each establishes with the client during this process. A real estate broker will only contact clients interested in making real estate investments and with sellers, from whom they will only buy their properties when they represent an investment with high capital gains in the real estate market. Likewise, a broker can guide the interested party in acquiring mortgage loans and throughout the purchase process to close the deal.Now that you know what a real estate broker is, its differences with agents, and what a real estate broker does, feel free to look for an expert's help by calling Schutt Law in Fort Myers and call (239) 540-7007 and learn more about their real estate services
12601 New Brittany Blvd
Fort Myers, FL 33907
Phone: 239.540.7007
Fax: 239.791.1080
