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
Pursuing economic independence is one of today's most imminent challenges. For that reason, Schutt Law in Fort Myers shares this guide on what you need to know to invest in real estate. Read on to find out more!
If you've been considering investing in real estate, you might want to have the most qualified team protecting you from misleading property title features. Learn how title insurance can protect you and your capital before closing by calling Schutt Law in Fort Myers at (239) 540-7007.
It's A Tough Market to Break Into
But it's not impossible either! Several types of businesses and investments in the real estate market make this goal possible. However, although investing in real estate is one of the best ways to achieve economic independence, it's also one of the most challenging markets to dip your toes in, especially if you lack capital for your plans. Investing in real estate has become one of the most popular ways to achieve financial freedom. This topic can be broad and challenging for newcomers to this industry to tackle. For this reason, the best way to start is by gaining knowledge and experience. Which it's precisely what the experts at Schutt Law have poured into this post. In this article, you'll learn the fundamental variables to understand real estate investments and how you can apply them according to your plans and objectives.What Is Real Estate Investing
One can describe real estate investment as endowing capital in one or more properties to generate profits and have greater financial freedom. An investor can come from anywhere, and it's not only a market exclusive to the people with the immediate capital. If you have a good investment plan with established terms and clear objectives, you will achieve profits faster than you expect. Several investment options in real estate in Fort Myers allow developing plans for each type of investor and different periods. For example, Schutt Law has broken down this process into steps for amateur investors, so if you want to revisit that article and learn how to design your investment plan from the ground up.Why Invest in Real Estate?
This form of investment is one of the safest ways to generate profit. There are several reasons why it's a good decision, and you can enjoy different benefits such as the ones below:High Return on Investment
The return is calculated depending on several factors such as the property's conditions, the amount spent at the time of the purchase, the capital gain, and the price it sold. Still, the return is usually 30% on average or even much more in favorable scenarios.Once you're ready to invest in real estate, make sure you have the right title services at your disposal. Call Schutt Law in Fort Myers at (239) 540-7007, preferably before you close a deal or if you want to learn more about their services and what they can do to spare you from wasting your time and money on fraudulent real estate exchanges.
Your Money Works for You
Through the surplus worth your properties acquire, your assets gain value over time and help you build generational wealth while you invest in other properties or other types of businesses. Unlike other investments, it doesn't require periodic expenses from you while its value increases daily.Security and Flexibility
Of all the benefits that come when you decide to invest in real estate, this is the one that should tempt you the most. These types of investments are an effort that will protect your finances in case of an emergency. Additionally, having a property supports applying for a mortgage loan, investing in a more significant business, or creating more income streams when you're ready to enjoy retirement. Generally, housing as a financial instrument has higher security and trust than other kinds of investment.More Options to Invest In
Investing in real estate is not limited to just buying a house or an apartment with a mortgage loan. You can create an investment portfolio that includes homes of different sizes, apartments of all types, housing developments, commercial premises, and others. This option to invest in real estate allows you to diversify your money and not depend on a single source of income or a single property. With a good plan, you can schedule to pay off one, two, or more properties simultaneously while earning a profit on each one.If you find a property, don't forget the importance of having title professionals guiding you every step along the way! Therefore, don't hesitate to call Schutt Law in Fort Myers at (239) 540-7007 and let their experts keep you from falling for shady properties before closing.
12601 New Brittany Blvd
Fort Myers, FL 33907
Phone: 239.540.7007
Fax: 239.791.1080
