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
Selling a house is not easy, even more so if your emotions get in the way. Here are some tips to emotionally detach yourself from your home to make your sale easier.
Don’t Let Your Emotions Can Get in the Way of Your Sale
It’s easier to buy a house (if you have the money) than it is to sell a house. You usually have a deep emotional connection with your home, especially if you’ve lived there for a long time. For most home sellers, detaching themselves emotionally from their home is the toughest part of the sale. Clinging to those emotions can lead them to make many mistakes. From overpricing to underpricing, and chasing potential buyers away, feelings can lead you to bad decisions. If you’re sure you’re ready to sell your place, here are some tips to help you distance yourself emotionally for a successful sale.Are You Ready?
There are plenty of reasons why you would need to sell your home. Maybe it’s too small for your family, perhaps it's too big, maybe you need to move to a new city, or possibly you just need the money. Whatever the reason why you choose to sell your home may be, you need to be sure that you want to sell it. It’s a good idea to have a great real estate agent on your side to talk about the options. They might give you some suggestions like renting your home before you sell it. You just need to be sure that you’re making the right decision. Once you sell your house, you can’t get it back.Think of Your House as a Product
It’s harder to detach yourself emotionally from your home if you think about it as your home. You need to think about your property as a product you want to sell. Thinking about your house as a product will also help you see if any changes need to be done before listing it. Be prepared to invest in your property before you sell it.Use Your Emotions to Your Favor
You will feel emotional through the whole process of selling your house. It’s understandable. You have many memories in that place. Maybe you even saw your children grow there. It can be hard to let go of all that. Your home holds great sentimental value. Although sentimental value doesn’t translate to real estate market value, you can still use it to your advantage. You can try to sell potential buyers more than just a house. Talk to them about your life and your memories and help them create a picture of how their life could be in that house. Help them imagine themselves making a home there. Emotions can be very powerful, use them to your advantage.Don’t Forget About the Non-Physical Aspects of Selling a House
There’s more to preparing a house for a sale than just letting go and doing some renovations. A house sale also involves paperwork. You need to know your home’s legal standing before you can make the sale. What if you go to all the trouble of detaching yourself emotionally and preparing to move only to find you can’t legally sell your home? You should have the support and help of experts to verify there aren’t encumbrances or other issues that might affect your sale. Contact Schutt Law-Title Insurance Agency at (239) 540-7007 to learn about title insurance, why you need it, and how you can get it. Besides, purchasing a title insurance policy can help your home sell faster.Stage Your Home, It Helps
Home staging is a technique used to make houses more appealing to potential buyers. But it can also be a way to help you distance yourself emotionally from your home. Try to make your home look more neutral and less personal. The less you see of yourself in it, the easier it is to let it go. Remove your toiletries from the bathroom, take down any diplomas and photos you have hanging on the walls. You should aim to make your home impersonal yet comfortable. Check out these tips to stage your home.Selling is not Forgetting
Some people think that selling their homes means they have to forget everything they lived in that place. You need to remember that moving on to a new place doesn’t mean your memories move on too. You’re just selling the place where the memories took place. Everything else comes along with you. The house will always hold a place in your heart even if you stop owning it.Get Your Title Insurance in Fort Myers
If you’re completely sure you’re ready to sell your home, might as well make the most of the situation. Get the best deal by making your home more attractive. Including a title insurance policy can help you attract more buyers. Get your title insurance process in Fort Myers started by calling Schutt Law-Title Insurance Agency at (239) 540-7007. ;12601 New Brittany Blvd
Fort Myers, FL 33907
Phone: 239.540.7007
Fax: 239.791.1080
