SCHUTT LAW FIRM, P.A.
Phone: 239.540.7007
YOU ARE HERE:  HOME / REAL ESTATE
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
03/08/2018
Your real estate agent is supposed to help you make your home purchases or sale go faster. But if your agent isn’t giving you the results you expect, maybe you should let them go.

Your Relationship With Your Agent Shouldn’t Be Obligatory

Whether you’re buying a house or selling your home, you...
02/19/2018
Budgeting for a house can be confusing. How much should you save? What should you consider? Here are some tips to help you create a comfortable budget.

The first step in planning for a new home is knowing how much you have and how much you can afford. You’ll probably ask for a mortgage loan,...
01/19/2018

Fees to Budget for When Applying for a Mortgage

When you were younger and fantasizing about your dream home the last thing that you thought about was needing to apply for a mortgage just to buy it. If you are at the point where you are budgeting to buy a home,...
01/19/2018

Tips to Help Prepare Your Finances for a Mortgage Lender

Your first meeting with a potential mortgage lender can often be an anxiety inducing event. And reasonably so, given that the person sitting on the other side of the table is going to determine if you can buy your dream home. To help you...
01/19/2018

Get Your Credit Score in Better Shape

There can be nothing worse then being denied for credit, especially when it is for a mortgage to buy your dream home. However, instead of not changing your habits and keeping the credit score, which is holding you back, consider some of the tips below from...
01/11/2018
If your home is really attractive, you might find yourself in a multiple offer situation. How will you be able to tell you’re choosing the best deal? Here are some tips to help you out.

What to Do When You Get Multiple Offers

Last month we talked about what a buyer can do when facing...
12/13/2017
What happens when you're ready to make an offer only to find some other buyer is ready too? Should you let it go and look for another place? There's still hope for you to get it! Here are some tips.

Don't Give up On Your Dream Home

We've already told you about some of the reasons why offers can...
11/09/2017
Finding out that your offer on the house you want was accepted brings you one step closer to becoming a homeowner. There are still some things to be done before you get the keys. Here are the steps you must take after your offer is accepted.

8 Things to Do After Your Offer Is Accepted

If you...
10/17/2017
A home inspection is necessary to help you make a safe investment when you're buying a home. You'll be able to tell if the house is in good shape and maybe get a better deal. Here's what you need to know about home inspections.

Here's What You Need to Know About a Home Inspection

Once your offer...
09/13/2017
The mortgage process is long and complicated. There are plenty of situations that can affect your loan results. Now it's not the time to be making any mistakes. Here is a list of the most common mortgage mistakes so you can avoid them and get a better deal.

Mistakes to Avoid When Applying for...