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
When selling a house, it feels like a waste of money to repair what’s broken or what looks bad. Let the new owners do it! Doing a few repairs doesn’t mean you have to go crazy and change everything you didn’t while you were living there. However, there are a few home repairs you should do before you can make the sale. Those minor renovations can mean the world when the time comes to sell the place. Schutt Law- Title Insurance Agency created this list of the most necessary repairs you should do at home prior to your big sale in Cape Coral.
Home Renovation Tips Prior to a Sale in Cape Coral
Before you Begin
There are so many materials in the market for DIY home repair. So how should you decide which projects you should go for? A great way is to make a market survey. Look at other homes around you neighborhood and are, compare what those houses have that your home doesn’t. That will give you an idea of what you should change. You should also have a serious talk with your real estate agent for advice on home renovations that are necessary and fit your budget.Fix the Floors
Hard wood floors are really popular right now, but for a long time carpets reigned over the flooring market. Why wouldn’t they? They can change a room’s whole look and installing them is relatively inexpensive. Another option to hardwood floors is plywood, also a cheaper option. Whichever your flooring may be, if there are ways to improve it, you should definitely do it.- Carpeting: If your floors are not really attractive and you want the place to look different, install some carpets in light tan colors. Neutral colors are better for selling houses. If you already have carpets, hire a professional carpet cleaner to get them clean for the new owners.
- Hardwood floors: If your house has hardwood floors underneath your carpets, you’d be very smart if you remove the carpeting. Hardwood floors are a hot commodity in the real estate market today.
- Ceramic: Don’t even think about installing ceramic tiling in your whole house, it’s too expensive. However, you should replace chipped or cracked tiles. Replace or clean the grout as well. If you are considering getting new tiling, do it only in a small area and just for aesthetic reasons.
Walls and Ceiling
An obvious instant makeover is changing the color of the walls. But you can’t even imagine how important it is to paint the ceiling too. Buyers constantly check the ceilings for leaks, water stains, cracks, or grease and smoke stains. A fresh layer of paint can be a great improvement, not to mention a very cost effective one too. Before you paint, use fiberglass tape or plaster to cover any big cracks on the walls and ceilings. Again, go for a very neutral and light color that can match the new owner’s style.- Textured walls and ceilings: some textured walls and ceilings contain asbestos, which can be a health hazard. Many buyers prefer plain over texture, there are more possibilities to work with it. It’s not difficult to remove texture, but it is time consuming and it does require a fresh coat of paint afterwards.
- Wallpaper: wallpaper is a very personal choice. You may not like the one someone else chooses because it’s not your style. Consider that when fixing your home. If you have wallpaper right now, you should get rid of it, especially if it’s outdated. To remove it, all you need is a cheap wallpaper remover steamer.
- Wood paneling: wood paneling is not a very modern option, so it’s probable that not everyone appreciates it. Good news is that it can be painted over. If you have real wood paneling don’t forget you have to prime it and get it ready for the paint.
Kitchen Changes
Changing the kitchen appliances and cabinets is definitely something you should avoid, it can turn out to be a very expensive renovation. If the cabinets are really old and unattractive, you can go for the resurfacing option. A thin veneer is attached to the surface, or you can also paint them if they can be painted. A quick an inexpensive renovation is changing your faucets. Sparkly new faucets will make your sink look so much better. Kitchen remodeling brings nearly a 100% return.Learn About Title Insurance in Cape Coral
As a seller, and of course, a buyer title insurance protects you. You probably will be moving into a new place after you sell your house, so you should look into getting title insurance. Schutt Law- Title Insurance Agency has your back, simply call them at: (239) 540-7007.12601 New Brittany Blvd
Fort Myers, FL 33907
Phone: 239.540.7007
Fax: 239.791.1080
