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
Now that you've got your dream home, the only thing left to do is to move in. Before that, however, you have to pack. Since packing can get stressful and overwhelming, these tips can help.
Make Packing Less Stressful
After the stress of looking for a new home and actually purchasing one, you may be feeling relieved. However, there is still moving to look forward too. The work and stress that this can come with may mean you aren't actually looking forward to this at all. To make packing easy, check out these simple tips.Create a Packing Plan
Before you start tackling your packing, be sure you have a plan in place to guide you. If you just start putting things in boxes without planning, things could go wrong quickly. Start by listing items in the order that you will pack them in. If your packing will span a few days, it can help to identify which items you use daily so that you can avoid packing these until right before your move. Items that you don't use often should be packed first so that you don't end up opening packed boxes to dig out an item.Pack in Advance
Packing isn't a job that should be left for a single day since this can make it even more stressful. Most people still have a full schedule to take care of while also planning their move. If this is the case, plan to pack at least a little bit each day. It may not seem like much, but even packing a couple of boxes every evening after work can make a huge difference. You can leave the bulk of the packing for the weekend when you have more time to dedicate to this task.Use the Right Boxes
As you get ready to pack, you'll certainly need boxes to hold your items. If you don't want to waste money on these, there are plenty of ways to get around purchasing moving boxes. Ask friends, family, and even local stores if they have any boxes they can donate for your move. When you get these boxes, evaluate them to ensure they will successfully make it through your move. You may get boxes of different sizes, which is perfect. Use the larger boxes for lighter items so that they don't get too heavy and smaller ones for the heavier of items so that they aren't so hard to move. If you've saved the boxes that certain items came in when they were purchased, this is perfect for packing them for the move as well. As you get ready to buy a home, be sure title insurance in Fort Myers is included in your purchase. To learn more about the importance of title insurance, contact the title insurance experts at Schutt Law at (239) 540-7007.Separate By Rooms
As you start packing, keep in mind that it can be less stressful to tackle the job by room. Focus on one room at a time instead of driving yourself crazy by packing multiple rooms at once. This not only keeps things more organized in your head, but it can also ensure your items are better organized when it comes time to unpack. As you pack each room, do your best to pack like items together. For example, if you're packing your bedroom, keep your bedding items together and separate from items like those in your vanity. When unpacking, this will ensure your items are sorted, making moving in easier.Use Labels
As you pack your boxes, don't forget to label them! There's nothing worse than arriving at your new home and not knowing where each box goes. To avoid this mess, label each box with the name of the room in which its contents go. On top of this, it can also help to label the box with the items in the box so you know exactly where everything is. Finally, number your boxes. This will make it easier for you to recognize if you're missing any boxes.Pack Your Boxes Light
As you're packing, you may be tempted to pack each box until it's completely full. This can sometimes lead to boxes that are way too heavy to be moved. Instead of packing them to their limit, check the weight of each box as you pack so you're sure they're still easy to pick and move. This will make your moving day much easier and less stressful.Get Title Insurance in Fort Myers
Title insurance in Fort Myers is a must when buying a nee home. To learn all about why it's so important, contact the friendly title insurance experts at Schutt Law. 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
