SCHUTT LAW FIRM, P.A.
Phone: 239.540.7007
Real Estate
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:
http://www.stewart.com/en.html
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 heirshipProbate 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
11/26/2015

The Benefits of Title Insurance in Cypress Lake

Given the magnitude of investing in a home, taking steps to ensure its security is at the forefront of every home buyer's mind. From the physical structure to the contents, keeping your home protected is a number one priority. Aside from these important measures, there is an additional step that savvy home buyers take to further their level of financial security. If you are about to start looking for a home or you are proceeding through the closing steps then Schutt Law knows the position you're in. To help you better understand how you can further protect your property and yourself, Schutt Law has prepared a great list of top 10 reasons to get Title Insurance in Cypress Lake.

Tax Lein Against Your Title

In instances where a property owner has a debt owed to a federal tax agency and has opted to make repayments against this debt, a tax lein is placed against the title. Should any of the repayments stop, the tax agent will move for an immediate foreclosure, whether you are residing in the property or not. A preventable event, title insurance in Cypress Lake is the prime way to insure against this occurring thanks to the thorough title search that is completed prior to a policy being drawn up.

Fraudulent Documents

While all of the documents involved in your current and potential transfer have been verified as true and correct, there may be documents used for previous title transfers that were were falsified for the purpose of a fraudulent transfer. In the event this is uncovered, the transfer involved can be deemed invalid.

Expired Power of Attorney

In this instance, all paperwork involved regarding the direct transfer of the title may be correct, however an authority, such as a Power of Attorney used may have been expired at the time of the transfer.

Court Proceedings

Unless you're well versed in title research, court proceedings can be a difficult item to uncover. A professional title insurance agent has the investigative skills required to discover if the title is currently under contention. If left uncovered, once the court has made its decision the ownership of your title can be revoked and the property foreclosed for recovery.

Uncontacted Heirs

One of the surprising coverages included with title insurance in Cypress Lake is protection against instances where an heir is not notified at the time of transfer and, now aware, raises a legitimate claim against your title.

Prevent Buying Debt

Home titles can provide a great form of collateral when applying for credit, and are often secured against smaller purchases such as cars or a debt consolidation loan. In the event that this goes unnoticed and transfer to you occurs, ownership of your title depends on the repayments continuing.  If a previous owner ceases making payment against their arrangement, the credit is in a position to claim ownership of your property and retain funds when the next organic transfer occurs.

Speed up Negotiations

When there are multiple and similar homes for sale, having a pre-prepared title search can raise the appeal of your property as buyers utilizing a mortgage will be required to obtain such a search to satisfy their title insurance provider requirements. If you are looking for a way to speed up the sale of your home, look to title insurance. If you are looking to speed up the sale of your negotiations, speak with a professional at Schutt Law on 239 540 7007 and arrange your title search today.

A Thorough Investigation

The rate of payment for a titie insurance provider is remarkably low for one reason - they are good at their jobs.  Qualified title insurance agents such as Schutt Law remain committed to ensuring any issues or concerns regarding your title are uncovered and addressed prior to settlement. If you undertake a title search, you can feel confident that the property you are purchasing poses little risk in the future.

A One Time Fee

Unlike regular policies that you may hold, title insurance has no ongoing payments. Once a title search has been completed, as assessment is made and a thorough policy is drawn up, title insurance in Cypress Lake is provided for a one-time fee, paid before closing. There are no ongoing premiums, whilst the coverage and protection remain intact.

The Easiest Way to Protect Your Investment

Last, but certainly not least, title insurance in Cypress Lake is the easiest way to protect your investment and provide peace of mind during your ownership and enjoyment of your property, even as it passes through your family. Title insurance is able to protect you against these, and many more issues that can arise during the transfer of a title.

Title Insurance in Cypress Lake

It's no surprise with the above listed concerns, and many more unlisted, buyers are looking obtain a further level of protection when purchasing a home. For these buyers, title insurance in Tampa, FL is available to give these buyers a level of peace of mind that doesn't come with buying a property without due diligence. If protecting your property and your investment is important to you, get more information by calling 239 540 7007. All title insurance agents at Schutt Law are able to answer any questions you have about title insurance in Cypress Lake and the benefits that it can provide.