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
Moving into a new house isn't as easy as just moving your things in and arranging your furniture. If this is your first move, these tips will help you be better prepared for moving day.
Simple Tips to Make Your Move Easy
Moving into a new house is an exciting event, but don't get lost in the excitement and forget to take care of some basics. If this is your first time moving into a new home, there may even be some things you don't even know you should do. To help make your move smoother, check out these tips from Schutt Law.Change the Locks
First up is changing the locks. This may sound like an odd suggestion, but it really is an important one. Since you can't be sure who has keys to your new home, changing the locks is a must. This isn't because you don't trust the old owners, but what if they gave keys to someone else and forgot about them? You don't want unexpected guests strolling into your home later on, so get this taken care of as soon as you can.Inspect the Plumbing System
Although your home inspection would have detected any plumbing issues in the home, you can never be too sure. If the home has been empty for a bit now, it may have even developed issues since the inspection. To avoid wasting water and to keep your water bill under control, take a walk around the home looking out for leaks and other issues.Test Your Appliances
As soon as you get into your new home, plug in your appliances to be sure they work. Chances are you aren't going to show up with a full load of groceries, but you still want to be sure your refrigerator, stove, and other appliances are working properly. This is also a good time to test the different outlets around the home just to be sure the electricity is working normally. A major step you must take before moving into your new home is getting title insurance in San Marcos at closing. This will ensure there are no clouds in the home's title, making it a more secure investment. Contact Schutt Law to get your title search started. Give them a call at (239) 540-7007 to learn more about the importance of title insurance.Locate Important Items
Speaking of electricity, take some time to locate important items on your first day in your new home. To start, know where your electrical panel is and how to work it. Next, locate your main water shutoff valve and get to know how it works. Knowing where these items are located and how to work them will be very important during an emergency. Don't forget to also the test smoke detectors and carbon monoxide detectors in your home. If needed, change the batteries out for new ones.Get Your Carpets Cleaned
Before moving anything into your home, it may need some cleaning work done. Sweeping, mopping, and dusting are easy enough to take care of yourself, but getting the carpets clean may be a bit more demanding. Consider hiring a carpet cleaning service that can take on the job more efficiently. There are some carpet cleaners that can get your carpets looking like new without you having to wait days to move in. Once your carpets are fully clean, you may feel more comfortable making the home your own.Change Your Address
Ideally, this should be taken care of well before you move into your new home. Before moving, fill out a change of address form on the post office's website so that you can rest assured knowing you won't miss any important bills or mail when you move. If you have magazine subscriptions or any other type of subscription that arrives through the mail, contact these companies to change your mailing address. Also, don't forget to transfer your utilities a couple weeks before your move. This will ensure you have no issues with the gas, electricity, and other items like your cable or wifi services.Title Insurance in San Marcos Can Protect Your Home Investment
Moving into your new home is a big deal, so don't let your excitement get cut short by title issues. To ensure your new home has no liens or clouds in its title that can affect your rights to ownership, invest in title insurance before closing. Not sure what any of this means? Contact Schutt Law at (239) 540-7007 to get all the title insurance information you need to make a secure investment.12601 New Brittany Blvd
Fort Myers, FL 33907
Phone: 239.540.7007
Fax: 239.791.1080
