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
Sometimes the only money you consider when you’re putting your home on the market is the one you will be receiving. While thinking of your asking price, you can easily forget that selling a house costs money too. Sometimes the costs can be really high. Maybe you’ve considered some of the expenses, like the real estate agent’s commission, but there are many others you need to factor in. Schutt Law- Title Insurance Agency in Fort Myers, FL has enlisted some of the costs you might’ve forgotten about and may catch you off guard, including title insurance.
Repairs and Renovations
You will have to do some fixing to get your home sold. The costs depend on how well you’ve kept up with your home maintenance. For some jobs, you will need to hire a contractor and you should better invest in a good one. If you get someone who does a sloppy job, all their mistakes will be found during the home inspection and you will have to pay some more to get them fixed properly. Go ahead and walk through your home and make a list of any problems you can see. Common problem areas can be rotted wood, chipped paint, or cracks in the ceiling and walls. These little issues are really important to your potential home buyers. In their eyes they might look like there’s a bigger issue going on underneath. When it comes to bigger repairs, a smarter choice would be to negotiate them into the final selling price. Just talk to your realtor for some tips and suggestions. As for renovations, tiny details like changing your lighting, getting new faucets, or a fresh coat of paint can do wonders for your home’s appeal. For more ideas, follow this list of simple renovations that can be great for your sale.Title Insurance
Title insurance protects the buyers in case any problem regarding the home’s title or ownership arises. Usually the buyer is in charge of getting this insurance, but sometimes, as a seller, you might be required to pay for it… or at least part of it. The title insurance process begins before the sale is finalized. If there are any liens discovered on your home before the closing, you will have to be the one to pay for them before you can make the sell. Get one step ahead and start learning about title insurance in Fort Myers, FL. You can call Schutt Law- Title Insurance Agency at (239) 540-7007 for any questions you may have about getting title insurance for your new or old home.Curb Appeal
Did you know that working on your home’s curb appeal can raise your home’s value for up to 12%? All you need to do is some basic manual labor on your house’s front. You could invest on a full-on landscaping job. Paying someone to clean the area, make a garden design, and some planting can be expensive. Fortunately working on your curb appeal is something you can easily do on your own, in fact you could follow some of these tips to make your home’s exterior more appealing.Staging
Your home staging can leave a big impression on potential buyers. You have the option to hire a professional to do it for you or do it on your own. A pro will declutter, decorate, and possibly refurnish your home after you move out. It can come out to be a very expensive service, but well worth it if you need to sell soon. As for doing it on your own, consider buying new lamps or decorative items to make your place look better. A new doormat, fresh flowers, or new towels on the bathroom are definitely a must.Utilities
You might think that there’s no point in paying for utilities if you’re not going to be living in that place anymore. In order to make the sale , you are going to be showing the house to many strangers. No one wants to walk in to a dark or hot place with no air conditioner.Home Warranty
A home warranty is not an obligation, but the buyer will possibly ask for it to feel secure about their purchase. The warranty covers any repairs to appliances or main systems within the house in case of damage. It’s a service that lasts for the first year of ownership.Moving
Have you thought about moving all your possessions to your new house? You need to get boxes and materials to safely pack your belongings. You will have to pay the movers to transport everything, or at least pay for your friends’ gas and dinner (if they are helping you). You can read this article to find ways to make your move easier.Title Insurance in Fort Myers
Whether you’re buying title insurance per the buyer’s request or if you need it for your new house, Schutt Law-Title Insurance Agency has you covered. All you need to do is give them a call at (239) 540-7007 to get the title insurance process started.12601 New Brittany Blvd
Fort Myers, FL 33907
Phone: 239.540.7007
Fax: 239.791.1080
