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've heard that buying a home in winter is a bad idea, there may be a few more things to consider. Check out the pros and cons of purchasing a home in winter before deciding.
Tips to Help You Decide If the Winter Is a Good Time to Buy a Home
Buying a home can be a long and stressful process, especially for first-time homebuyers. You may be discouraged to look for a home during the winter, but this can be a good time to finally find your dream home. To learn more about the pros and cons of doing this during the winter, continue reading.Pro: Affordable Pricing
One great advantage of buying a home during the winter is that you can get a better deal. The spring and summer have the highest number of buyers looking for homes, which can make the prices of homes increase. Since there tend to be fewer buyers looking for a home during the winter, sellers can lower the price of their home if they really want to sell. This means that you can get a home for a lower price or even a larger home than what you were expecting.Pro: Quicker Process
It's no secret that the process of buying a home can stretch out and get quite stressful. If this sounds like something you want to avoid, then the winter might be the right time to buy. Since there are fewer buyers looking for a home, this means less competition. You can save time that would have otherwise been spent on bidding wars and other stressful situations. Sellers may also be more eager to sell their home and get it off the market faster, making negotiations easier for both parties. You may find that the seller is more receptive to what you're asking for, helping the process go by smoother.Pro: See the Home in the Cold
Winter weather can be drastic, which can put you off of home searching but seeing a potential home in this weather may be a great opportunity. Seeing the home in the worst of conditions ensures you know what you're getting. If the street floods in light rain, if the roof has a leak, or if the windows have a draft, you'll know when you visit the home. Seeing this in person ensures you won't be surprised next winter. Be sure to purchase title insurance in Fort Myers to protect your investment. To learn all about the importance of title insurance, contact the friendly experts at Schutt Law at (239) 540-7007.Con: The Weather Can Make Showings Tough
Although seeing the home during the winter ensures you know what you're getting, some aspects of winter can also hide parts of the home. If you live in an area that gets snow, this can hide some important aspects. A layer of snow on the roof will make it impossible to see the condition of it. Similarly, the lawn can get covered by snow, making it hard to know what condition it's really in. The siding of the home can also look worse than it is because of rain and other debris.Con: Moving Is Harder
If you do end up purchasing a home this winter and are planning to move in the same season, this may be tough to do. While there will be less competition when it comes to booking a moving company, the process can still be rough. If you're taking care of the move yourself, driving a moving truck in inclement weather can be dangerous, so take it slow. Packing up your home may not be harder, but moving the boxes to and from the moving truck can be harder and more frustrating. If it's raining or snowing out, cover your boxes and furniture carefully so that they don't get ruined by the elements. When moving your boxes into your new home, be extra careful when going into your new home. You can drag mud and moisture into your home, which can be another annoyance to worry about.Con: Less to Choose From
Finally, it can be tougher to find a home during this season because there are fewer options on the market. Since the spring and summer are when most people look for a new home, many sellers may wait to list their home until then. The market can be limited, which can be great for anyone who gets overwhelmed by too many options. However, if you want something specific or special, it can be harder to find this season.Purchase Title Insurance in Fort Myers
Protect your home investment with title insurance in Fort Myers. The title insurance experts at Schutt Law can answer all the questions you may have. Give them a call at (239) 540-7007 to get your questions answered.12601 New Brittany Blvd
Fort Myers, FL 33907
Phone: 239.540.7007
Fax: 239.791.1080
