SCHUTT LAW FIRM, P.A.
Phone: 239.540.7007
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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
8/7/2023
Discover the importance of effectively screening potential buyers for your property sale to ensure a smooth and successful transaction. Learn the key steps from Stewart: Schutt Law in Fort Myers.

The Significance of Buyer Screening in Property Sales

When it comes to selling your property, finding the right buyer is essential for a successful transaction. Properly screening potential buyers helps ensure that you attract serious, qualified individuals who are genuinely interested in purchasing your property. By implementing an effective screening process, you can save time, minimize inconveniences, and maximize your chances of closing the deal smoothly.

Protect your investment today and discover the importance of title insurance in real estate transactions. Contact Schutt Law in Fort Myers at (239) 540-7007 to safeguard your property rights and ensure a worry-free home purchase.

Establishing Clear Criteria for Potential Buyers

To begin the screening process, it's important to establish clear criteria for potential buyers. Start by identifying key factors such as their budget, desired location, and specific property requirements. By understanding your target market and establishing criteria, you can focus on attracting buyers who meet your property's specifications, increasing the likelihood of a mutually beneficial transaction.

Requiring Proof of Financial Capability

One crucial aspect of screening potential buyers is verifying their financial capability. Requesting proof of funds or a pre-approval letter from a mortgage lender ensures that buyers are financially qualified to purchase your property. This step helps filter out individuals who may not have the means to complete the transaction, saving you valuable time and avoiding potential complications later in the process.

Evaluating Buyer's Intent and Seriousness

Screening potential buyers involves assessing their intent and seriousness about purchasing your property. Schedule property viewings and open houses, and take note of buyers who consistently attend and actively engage in the process. Regular communication and prompt responses to inquiries can also indicate a buyer's level of interest and commitment. This evaluation lets you prioritize serious buyers and devote your resources to those more likely to follow through with an offer.

Conducting Background Checks and References

Another essential step in screening potential buyers is conducting background checks and requesting references. This helps you gain insight into the buyer's credibility, financial stability, and previous experiences. Background checks include verifying employment, checking credit history, and researching potential legal issues. Contacting references lets you gather feedback from previous landlords or real estate agents, providing valuable information about the buyer's reliability and integrity.

Pay attention to the significance of title insurance in real estate deals. Contact Schutt Law in Fort Myers at (239) 540-7007 to understand how our trusted title insurance services can provide peace of mind and protect your investment.

Engaging the Services of a Qualified Real Estate Agent

Collaborating with a qualified real estate agent can significantly simplify the screening process. Agents have access to databases and resources that can help verify potential buyers' credibility, financial capability, and history. Additionally, they can handle initial inquiries, conduct property viewings, and negotiate on your behalf. Leveraging the expertise of a real estate agent can enhance your screening efforts and increase the chances of attracting serious buyers.

Prioritizing Compatibility and Negotiating Power

While finding a buyer who meets your property's criteria is crucial, compatibility should not be overlooked. Consider the buyer's timeline, flexibility, and willingness to negotiate. A compatible buyer who aligns with your goals and is open to reasonable negotiation can contribute to a smoother and more satisfactory transaction.

Safeguarding Privacy and Security

Another priority is your privacy and security throughout the screening process. Be cautious about sharing sensitive information and avoid disclosing personal details until a buyer has been thoroughly vetted. Protecting yourself and your property from potential scams or fraudulent activities is paramount, and maintaining a level of caution can help prevent any negative consequences.

Maintaining Flexibility and Open Communication

Lastly, while screening potential buyers is essential, it's important to remain flexible and maintain open lines of communication. The real estate market can be dynamic, and buyers may have specific needs or circumstances that require flexibility on your part. Engaging in transparent and honest communication can help address any concerns or issues during the screening process, fostering a positive negotiation environment and ensuring a successful outcome.

In Summary

Screening potential buyers for your property is critical in achieving a successful sale. By establishing clear criteria, verifying financial capability, evaluating intent, conducting background checks, and engaging the services of a qualified real estate agent, you can attract serious buyers while safeguarding your interests. Prioritizing compatibility, privacy, and open communication further enhances the screening process, maximizing your chances of closing a smooth and satisfactory transaction. Remember, taking the time to screen potential buyers carefully ultimately leads to a more efficient and successful property sale.

Learn why title insurance is a crucial component of any real estate transaction. Dial (239) 540-7007 to connect with Schutt Law in Fort Myers and secure your property rights with our reliable title insurance solutions.