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
Learn why having a real estate attorney review your contract is crucial. Stewart: Schutt Law in Fort Myers, FL, provides expert legal advice for your real estate transactions.
Navigating the complex world of real estate transactions can be overwhelming. From negotiating the purchase price to understanding the legal jargon in contracts, there's a lot at stake. That's where a real estate attorney comes in.
Don't let legal issues derail your real estate transaction. Secure your investment with expert guidance from Schutt Law Firm, P.A. in Fort Myers, FL. Call (239) 540-7007 to speak to an attorney today and protect your interests.
Why You Need a Real Estate Attorney
Real estate transactions involve legally binding contracts with significant financial implications. While real estate agents are valuable resources, they aren't legal experts. A real estate attorney specializes in real estate law and can provide the expert guidance you need to protect your interests.
Understanding Real Estate Contracts
Real estate contracts are lengthy and complex documents filled with legal terms and conditions. It's easy to overlook crucial details or need clarification on the implications of certain clauses. A real estate attorney can thoroughly review your contract, explain its terms in plain language, and ensure it adequately protects your rights and interests.
Negotiating and Drafting Contracts
A real estate attorney can negotiate favorable terms, ensuring your interests are well-represented in the contract. They can also draft custom contract clauses to address specific concerns or contingencies.
Protecting Your Investment
Real estate transactions often involve substantial financial investments. A real estate attorney can help you identify potential risks, conduct due diligence, and protect your investment from legal challenges or disputes.
Navigating real estate contracts can be complex. Let Schutt Law Firm, P.A. in Fort Myers, FL, simplify the process with their experience in real estate law and title services'call (239) 540-7007 to get started.
Handling Title Issues
Title issues can arise unexpectedly, delaying or derailing a real estate transaction. A real estate attorney can conduct a thorough title search, identify potential problems, and take steps to resolve them before they become a major obstacle.
The Importance of Real Estate Attorney Review
Having a real estate attorney review your contract is essential for several reasons:
- Identifying Potential Problems: A real estate attorney can identify potential issues or risks you may not know, such as title defects, zoning restrictions, or environmental concerns.
- Protecting Your Rights: A real estate attorney can ensure that your rights are protected throughout the transaction and that you understand your legal obligations.
- Avoiding Costly Mistakes: A real estate attorney can help you avoid costly mistakes, such as signing a contract with unfavorable terms or failing to address potential legal issues.
- Peace of Mind: Knowing that a legal expert is reviewing your contract and protecting your interests can provide peace of mind and allow you to focus on other aspects of the transaction.
DIY vs. Hiring an Attorney: What's the Difference?
While some buyers or sellers may be tempted to handle real estate transactions themselves to save money, this can be a risky approach. Real estate law is complex; even minor contract errors or omissions can have significant consequences.
A DIY approach may seem appealing initially, but it can lead to:
- Missed Deadlines: Missing critical deadlines can result in financial penalties or even the loss of the deal.
- Unfavorable Terms: Without legal expertise, you may agree to terms that are not in your best interest.
- Legal Disputes: If issues arise after closing, you may lack the legal knowledge to resolve them effectively.
A real estate attorney ensures that all legal requirements are met, deadlines are adhered to, and your interests are protected throughout the transaction.
When to Hire a Real Estate Attorney
Ideally, you should hire a real estate attorney as early as possible in the transaction process. They can guide contract negotiations, due diligence, and other legal matters that arise throughout the process. However, it's never too late to seek legal advice. If you've already signed a contract and have concerns, a real estate attorney can review it and advise you on your options.
Choosing a Real Estate Attorney
When selecting a real estate attorney, consider their experience, expertise, and reputation. Look for an attorney who specializes in real estate law and has a track record of success in handling transactions similar to yours.
In Summary
Investing in a real estate attorney is a wise decision that can save you time, money, and stress. They provide expert legal advice, protect your interests, and ensure your real estate transaction goes smoothly.
Ensure a smooth and successful closing. Trust the experts at Schutt Law Firm, P.A. in Fort Myers, FL, for comprehensive title and real estate legal services. Call (239) 540-7007 to discuss your needs and get peace of mind.
12601 New Brittany Blvd
Fort Myers, FL 33907
Phone: 239.540.7007
Fax: 239.791.1080
