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
Help Your Potential Buyers With Competitive Title Insurance Rates in Cape Coral
Getting a property ready for sale is the responsibility of every home owners, whether you want to give it a general clean up and sell it as is, or make minor to major repairs to get the most return on your sale. While there is definitely a case for selling your real estate in Cape Coral as is, perhaps you don’t have any extra money to put into it or you believe your home would be best suited buyers looking to flip, if you are looking to get the most out of your sale and make some small changes to get maximum results, read on. Schutt Law - Title Insurance Agency has a few easy to follow but important ideas for home owners ;to consider when selling their home geared towards new home buyers who, amongst requiring title insurance in Cape Coral are starting to look at items around the home they traditionally wouldn’t.Do Your Own Inspection First
The ever increasing prices of buying a home, both to move into and to flip are seeing savvy home buyer do their own inspections before a home inspector has even set foot on the property. The purpose? Home buyers who are looking for real estate in Cape Coral are beginning to adopt the mindset on their first visit that if what they view as important parts of the property are neglected or not in the best condition, then this perceived lack of interest to maintain a property will flow through the rest of the home. To address this, smart homeowners are beginning to arrange their own property inspections even before listing the property, and often even before setting the price. Armed with a pre-inspection, homeowners can immediately address any concerns or ;answer any ;questions home buyers have during inspections. Having this knowledge ready shows genuine interest in your home and can reassure buyers of ;your history of maintenance and upkeep.Start at the Bottom
The best place to start when putting on your ‘new buyers hat’ is with the foundation of your home, right down to the land it’s dug into. Before you get ready to sell your real estate in Cape Coral, it’s time to get dirty with a thorough inspection of your home's foundations. A quick search online can get you a builder or home inspectors checklist on what they’re likely to look for during a professional inspection. Use this as your base and apply it to the foundations of your home. If you notice anything on the list that your property is displaying, get your own inspector in early and have them assess any and all damage, providing a report assuring any buyers concerns. Go one step further and speak with Schutt Law - Title Insurance Agency on ;239 540 7007 to get a thorough and extensive title search accompanied by the best title insurance rates in Cape Coral. Showing potential buyers your commitment to the property, both physical and its ownership history can be a great sign of your attention to detail and really reassure buyers that you have paid attention to your real estate in Cape Coral.Now the Roof
Don't be surprised when ;home buyers, on their first visit, ask to inspect the ;condition of the roof, particularly if you live in an area prone to weather damage. Safely get up to your roof before listing your home and consider ;replacing any ;missing ;or broken tiles, along with any metal sheeting that has degregated over time. If you have a climate control unit on your roof, check the connections and seals to make sure water isn't able to leak in. Usually reserved for professional inspectors, new home buyers are becoming more independent and ;are starting to check this level of detail themselves on the first visit.Title Insurance Rates in Cape Coral
Let’s face it, the majority of your home buyers are going to be purchasing your property with borrowed funds, so do a little research and find out what their mortgage lenders are likely to require. Along with a title insurance calculator in Cape Coral, get your own title search and title insurance in Cape Coral before your property is even open. Not only can this show your commitment and attention to the property and sale, it can also speed up their own mortgage application, giving them the funds as soon as possible, and in turn, close on the property. If you’re selling real estate in Cape Coral, speak with Schutt Law - Title Insurance Agency on 239 540 7007 ;to get the best title insurance rates in Cape Coral. Along with a thorough title search, Schutt Law - Title Insurance Agency can provide financial assurance to your prospective home buyers12601 New Brittany Blvd
Fort Myers, FL 33907
Phone: 239.540.7007
Fax: 239.791.1080
