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
The final walkthrough is the time when you need to make sure you're getting the home you were promised. Don't be shy about testing the different amenities in the home to ensure everything works.
Check These Items on Your Final Walkthrough
As you prepare for the final walkthrough of what could be your new home, be sure you keep your eyes open and are prepared to test everything. Don't be shy about it because you want to be sure that you're getting the home in the condition it was sold to you in. Below are some important items to test during this final step.Make Sure the Lights Work
Faulty wiring can be tough to get fixed and it can be quite pricey. To ensure you don't get stuck with bad wiring, you'll want to check all of the electrical outlets in the home as well as anything that is powered by the electricity. The easiest way to test the outlets is to take your phone and phone charger with you and plug it into all of the outlets. Whenever you walk into a new room, turn on all of the lights just to be sure all of the light switches work. Other items, like ceiling fans, should also be turned on just to be sure they actually work. If anything isn't working properly, mark it with a sticky note and let the owners know so they can take care of it.Check out the Plumbing
The bathrooms and kitchen will need more testing because they have additional elements. In the bathrooms, start by testing the lights and the exhaust fan. After this, flush the toilet and turn on the shower. This will help you ensure these things are working properly and have good water pressure. Do the same with the sink and take note of anything that's off, like low water pressure, leaks, or slow draining sinks. It's not a bad idea to also crouch down and take a closer look at the pipes just in case there are issues hiding under the sink.Test the Appliances
If your home comes with some appliances included, it's worth checking that these actually work. If they're not new, then you may not want to get too excited about saving on these items quite yet. Any appliance that can be plugged in should be. This will allow you to know if the item in question is in good condition and works properly. Other items, like a washing machine or dishwasher, can be tested by running a test cycle. Items that powered by gas should also be tested and while you do this, make sure there are no gas leaks or other issues. 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.Open and Close the Windows and Doors
This may sound like a strange suggestion, but it's a must. You want to be sure all of the windows and doors open and close all the way and that they do this smoothly. If they get stuck or if there is something like a break that doesn't allow this to happen, then it's worth bringing up with the seller. You also want to be sure there are screens on all the windows and that your keys don't get stuck in the keyholes. Keep in mind that faulty doors and windows can be dangerous, so don't ignore these issues. Also, don't forget to also test the garage door and any gates that may lead to the backyard or another part of the home.Check out the Roof and Gutters
The roof can be very pricey to replace, so you want to be absolutely sure that it will stay in great shape for a while. Take your time inspecting it so that you don't get stuck with a leaky roof that will need to changed out soon. After that, take a good look at the gutters. Make sure these are clear and test that they drain properly so that you're not surprised at the first rainfall of the season. You also want to be sure these are securely connected to the home so that they don't rip off with a little bit of rain.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
