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
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 need to understand that the process won’t happen from one day to the next. Hopefully, you hired a great real estate agent to guide you through the process. Your agent should promote your home, help you find a house, and negotiate a great deal. It might be possible that your agent isn’t giving you the results you expect or that your relationship with them isn’t what you wish it would be. You should know that you don’t have to work with them if you don’t want to. It is possible to break up with your realtor. Not sure if you should? Here is a list of signs that prove you need to get someone new. Plus you’ll also find out how you can do it.8 Clear Signs Your Agent is Not Right for You
- Poor presentation: A real estate agent is a professional and they should look the part. No one is going to take seriously a person who shows up if flip-flops, cap, and shorts…even if it is the middle of the summer.
- Overworked: You know an agent is good when they have multiple clients, but you don’t want your agent to be overworked. Having many clients at the same time can make the agent do a lousy job just to reduce their list.
- Ignores your calls: It might be a consequence of their many clients, or they just don’t want to talk to you, but your agent should be available when you call them. You do need to call them within reasonable hours though.
- You can’t stand them: You should have a pleasant relationship with your agent. But if you cringe at the idea of meeting up with them, let them go. You’ve got no business working with someone you can’t stand.
- No results: You should be able to see some results within the first month. If you don’t, your agent isn’t doing a good job, and you should say goodbye.
- Bad advice: A realtor should steer you away from bad deals, not guide you into them. If your agent suggests you take a lowball offer or that you lowball a client, don’t do it and get a new agent. Your realtor shouldn’t guide you towards the most common lowballing mistakes.
- Doesn’t disclose information: There’s some information your agent is obligated to disclose. If they hide this information, they’re not ethical or true professionals. You shouldn’t be doing business with them.
- Doesn’t care about your security: Your agent should suggest different types of insurance to make your home safer once your offer has been accepted. They should tell you about the most important policies, including title insurance. There are plenty of reasons why you need title insurance in Fort Myers, learn about them when you call Schutt Law- Title Insurance Agency at (239) 540-7007.
Ending the Relationship With Your Agent
If you hired an agent to help you sell your home, you’re going to have a bit of trouble letting them go. In these cases, you sign a contract. The contract states the amount of the agent’s commission once the house sells and the duration of the agreement. Try to make your contract as short as possible so you can have the opportunity not to renew the contract after it’s over. But before you commit to that agent and sign any papers, you should ask them what will happen if you’re not happy with their services. Is it possible to end the contract early or do you have to wait until its end date? It’s easier to terminate an agreement early if you can prove your realtor isn’t fulfilling their promises. If your agent works with an agency, maybe you can ask for someone new. It simpler if you hired your agent to buy a house. You didn’t have to sign a contract, and you’re not the one that pays the agent. You see, the selling and the buying agent split a commission from the proceeds of the sale. If you don’t want to work with your agent any longer, you can simply let them know.Protect Your Investment With Title Insurance in Fort Myers
If your agent did help you find your dream home, it’s time to protect that major investment with title insurance. The title insurance process is quite simple, and it all begins with a call. Contact Schutt Law-Title Insurance Agency at (239) 540-7007 to request a policy. ;12601 New Brittany Blvd
Fort Myers, FL 33907
Phone: 239.540.7007
Fax: 239.791.1080
