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
Discover the essential role of a real estate lawyer in your property dealings. In this post by in this post by Stewart: Schutt Law in Fort Myers, learn how these legal professionals protect your interests from due diligence to closing.
Discover the vital role of title insurance in safeguarding your property rights. Contact Schutt Law in Fort Myers at (239) 540-7007 for expert title services and ensure your real estate investment stays secure.
Understanding the Role of a Real Estate Lawyer
Before delving into the specifics, let's begin by understanding what a real estate lawyer does. These legal professionals are experts in real estate law and are essential in facilitating the smooth property transfer from the seller to the buyer or vice versa. Their role is multi-faceted, and it encompasses several key responsibilities.Due Diligence and Legal Research
One of a real estate lawyer's earliest and most crucial roles is conducting due diligence. Before a transaction begins, they research the property's history and legal status. This includes investigating the property's title, ownership, and potential legal disputes or encumbrances. Doing so ensures that the property is free from any legal issues that could hinder the transaction or pose a risk to the buyer.Drafting and Reviewing Contracts
Real estate transactions involve many legal documents, such as purchase agreements, contracts, and disclosures. A real estate lawyer plays a significant role in drafting these documents, ensuring they adhere to local laws and regulations and accurately represent the parties' intentions. They also review documents the other party presents to ensure that their client's interests are protected.Negotiation Support
During a real estate transaction, there is often room for negotiation on various terms, such as the sale price, contingencies, and closing dates. A real estate lawyer can provide valuable advice and support during these negotiations, helping their client secure the best possible terms while protecting their legal interests.Title Examination and Insurance
The title to a property is a critical aspect of a real estate transaction. A real estate lawyer will meticulously examine the property's title to verify its legitimacy and ensure that there are no issues with ownership or any other claims against the property. They may also recommend title insurance to protect the buyer or seller from unforeseen legal claims in the future.Title insurance is your shield against potential property disputes. Connect with Schutt Law at (239) 540-7007 in Fort Myers, and fortify your real estate transactions with comprehensive title services.
Escrow and Closing Process
As the transaction progresses, a real estate lawyer plays a key role in the escrow and closing. They work alongside title companies and financial institutions to ensure all funds and legal documents are properly managed and executed. This step is crucial to ensure that the property changes hands legally and securely.Resolution of Legal Issues
Not all real estate transactions go smoothly. Legal issues can arise, such as disputes over the property's condition, undisclosed defects, or breach of contract. In such cases, a real estate lawyer is invaluable for resolving these disputes through negotiation or, if necessary, representing their client in court.Zoning and Land Use Compliance
Real estate transactions often involve properties subject to zoning and land use regulations. A real estate lawyer will ensure that the property complies with local zoning laws and help clients navigate any necessary permits or variances required for their intended use.Environmental Considerations
Environmental issues like contamination or hazardous materials can complicate real estate transactions. A real estate lawyer can assess and advise on potential environmental risks associated with a property, helping clients make informed decisions and potentially negotiating remedies with the other party.Finalizing the Transaction
In the final stages of a real estate transaction, a real estate lawyer ensures that all necessary documents are signed, funds are transferred, and the property's ownership is officially transferred. They provide peace of mind by verifying that everything is legally sound and the transaction can be completed.The Crucial Role of a Real Estate Lawyer
In your real estate transaction, a real estate lawyer plays a critical role in safeguarding your interests and ensuring the legality and security of the deal. From conducting due diligence and reviewing contracts to resolving legal issues and finalizing the transaction, these legal professionals are indispensable in the complex world of property transactions. Whether you are a buyer or a seller, having a real estate lawyer on your side is a smart investment in protecting your real estate investment.Secure Peace of Mind: Ensure a worry-free property purchase with title insurance. Reach out to Schutt Law in Fort Myers at (239) 540-7007 and enjoy the confidence that comes with having your real estate investment protected by top-notch title services.
12601 New Brittany Blvd
Fort Myers, FL 33907
Phone: 239.540.7007
Fax: 239.791.1080
