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
09/10/2021
Several factors will help you discover if it's the right time to buy a house or get into real estate investment. Keep reading this post by Schutt Law in Fort Myers. Hopefully, it'll help you make your decision. 

When Is the Right Time to Buy a House?

Investing in your future guarantees stability and comfort for you and your family. Therefore, it's a significant decision, which shouldn't be taken lightly.

It's never too early to learn more about title insurance and its benefits. Having title insurance will protect your right to own property so, if you haven't closed a deal, call Schutt Law at (239) 540-7007 to get in touch with their experts regarding title insurance in Fort Myers.

First of all, it's vital that you feel ready and sure that this is the best path for you, either because paying rent is becoming less and less tolerable or because you plan to settle down and move to another city.

Be Confident in Your Decision

In the same way, you should be clear about your goal; decide if you plan to invest in a house to turn it into an asset or if it's for you to live in. However, the ideal way to know when to buy a home is by having financial and work stability.  In this way, the process and the entire transaction will be much more manageable. No matter what type of use you put on the property, the signs for when to buy a home are unmistakable, so here are the most common indicators before you move forward in this endeavor:
  • You have a stable job
  • You have a sizeable savings fund
  • You know what type of house you want to buy
  • You qualify for a mortgage loan
  • You have multiple sources of income

Have a Stable Job

When wondering when to buy a home, a good sign is that you have a job. However, that alone is not enough, since it would be best if you have had that job for at least one year. Having a stable job reduces the risk of defaulting on the house payments, mainly if a mortgage loan will back you. By having a solid inflow of monetary resources, you shouldn't have any problem paying the credit on time.

An Account with a Sizeable Savings Fund

A savings fund will come in handy whenever you want to invest. I will also lift the weight off your shoulders if an unforeseen situation occurs and you're not able to maintain the payment cycle or cover any household expenses. However, if you have a savings fund in a bank, make sure that you can use that money at any time. Remember, there are savings accounts in which you can only withdraw the money after a specific time.

Astute buyers protect their rights to ownership with title insurance in Fort Myers. This service shields your property from title inconsistencies or discrepancies. Speak with an expert at Schutt Law at (239) 540-7007 to arrange a thorough inspection of your title and fight for your rights before the tide gets high.

You Know What Type of House You Want to Buy

Knowing what type of property you want will save you a lot of time and money. By making a list of the main characteristics that the property should have, you can reduce search times. It's not enough to just list the internal attributes of the property, but you should also consider the external ones. Find the best cities to live in and focus on a location that favors you, taking into account the climate, the air quality index, access and communication routes, and so on. Moreover, decide the use of the residence, whether you are investing in an estate for yourself and your family or you'll use it for leasing purposes.

You Qualify for a Mortgage Loan

You must confirm you have all the requirements to qualify for a mortgage loan. Ask and get advice from professionals so that you can choose the best option for you. Meeting all the criteria won't guarantee that you will be granted mortgage credit since it considers each person's credit history, income, and ability to pay the mortgage loan.

If It’s Your First Time Buying a House

Many programs can help you with advice or loans with lower interest to make the mortgage's first payments or finish paying the house. If you've already bought a house and want to process a second mortgage, it's crucial that you also take advice and verify that you have enough money to cover both mortgages.

Having Multiple Sources of Income

In addition to the savings fund, multiple income sources allow you to have more financial stability. In addition, the property's price is not the only thing you're obligated to pay, so you must know what the expenses are when buying a house.

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.