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
If you're considering buying a new house, in this post, Schutt Law in Fort Myers, you might find some reasons to nudge you towards this process. Keep reading if you need reasons to buy a new house.
Getting title insurance is not an excessive decision regarding your rights of ownership. If you’d like to know more, reach out to the experts at Schutt Law in Fort Myers by calling (239) 540-7007 and let them handle your purchase of title insurance or advise you on your plans to buy a new house.
Even if you're just curious about the subject, due to the wide range of real estate, the different financing options and interest rates have captured many's interests. It won't hurt you to learn more about the benefits of buying a new home.Why Should You Buy a New Home?
Currently, the real estate market offers a wide variety of new properties, so you can choose the one that best suits your needs, budget, and lifestyle. Here's a list of the main benefits of buying a new home.Excellent Finishes
You don't have to worry about worn wallpaper, broken tiles, or scratched windows. New homes offer modern and high-quality finishes from the start. On the other hand, if you buy a used property, you will probably have to allocate money to make a few renovations around the house.It Probably Won't Need Repairs
One of the main advantages of buying a new home is that the pipes, gas circuits, and electrical systems are entirely new, so you don't have to deal with repairs or updates.The Market Offer Options for All Lifestyles
It doesn't matter if you want to live alone, with your partner, roommates, or family members. There is currently an expansive range of new properties meant to satisfy all lifestyles. This way, you can choose a home with the number of bedrooms, bathrooms, and parking spaces you need.The Construction Company Has Your Back
In most cases, construction companies offer guarantees for new properties, so you can rest assured that they will respond to you for any inconvenience that may show up on the property.Good Layout
While most new apartments and houses are a bit smaller compared to older homes, one of their advantages is their good layout. More contemporary developments are built based on custom designs that make the most out of the space available, making them much more dynamic and strategic, ultimately facilitating cleaning tasks.Easier Properties to Lease
If you want to buy the property to generate extra income by renting it, you should remember that new homes are much more attractive to tenants. People are increasingly inclined towards homes with few years of usage and modern designs.Having title insurance is a warranty that protects your ownership rights when you buy a new house. If you’d like to know more about this service, call Schutt Law in Fort Myers to get all your doubts clarified by their experts. Dial (239) 540-7007 or email glenysh@schuttlaw.com if you’re curious about title insurance.
However, these are not the only reasons that exist. For this reason, the experts at Schutt Law expand this subject even more to shed light on other elements to consider when buying a new home.Modern Design and Amenities
New properties generally have good distribution, modern designs, and quality finishes. That being said, most apartments in residential complexes offer multiple recreational areas and amenities to enjoy and spend time with the family. If you decide to buy an apartment, house, or a condo, you can choose one with amenities for family fun, such as a pool, roof garden, and gym.24/7 Surveillance
New apartments and houses usually have security, surveillance, patrol rounds, and concierge systems to feel safe within the area.Immediate Delivery
Buying a new home doesn't have to be just about planning and saving money. If you have the funds for the down payment and approved credit or sufficient resources to close the deal, brand-new properties will be up for immediate delivery. By choosing this option, you will get a place that's already finished and ready to be habitable. In most cases, you can directly visit the home you will purchase and move into a brand new one on the date you agree with the developer once the deal is closed.Security and Backup
Most developers offer warranties of up to ten years on the property, and some don't. For that, it's necessary that you thoroughly examine the history of the company and its warranties before you close the deal. Consider buying title insurance to cover your ownership rights in case of property title defects. Plus, a title is required for any real estate transaction. However, a search or investigation must be conducted to check for claims or liens before they can be awarded.If you want to know more about the implications of having title insurance, contact the title insurance professionals at Schutt Law in Fort Myers at (239) 540-7007. They will be glad to guide you in your quest to buy a new house.
12601 New Brittany Blvd
Fort Myers, FL 33907
Phone: 239.540.7007
Fax: 239.791.1080
