SCHUTT LAW FIRM, P.A.
Phone: 239.540.7007
YOU ARE HERE: HOME / TITLE INSURANCE
Title Insurance
Get your home ready for the cooler months with our essential fall home maintenance tips. From roof inspections to HVAC tune-ups, Schutt Law in Fort Myers, FL, has you covered.
As the summer heat begins to fade and the vibrant colors of fall start to emerge, Fort Myers homeowners should shift...
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...
Discover essential tips for staging a backyard to sell your home with Stewart: Schutt Law in Fort Myers. Transform your outdoor space to captivate potential buyers.
Preparing for a home appraisal facilitates a smoother transaction process and helps you achieve a more favorable outcome. Learn how to prepare with this post by Schutt Law Firm, P.A. in Fort Myers.
Learn how to effectively manage your finances and create a solid down payment budgeting plan to achieve your dream of homeownership with this guide from Stewart: Schutt Law in Fort Myers.
This guide from Stewart: Schutt Law in Fort Myers offers insights, tips, and step-by-step advice for buying your first property and turning your dream of property ownership into a tangible reality.
Taking the First Step Towards Homeownership
Buying your first property marks a significant...Interested in becoming a landlord? Learn how to navigate the ins and outs of rental property management, from finding tenants to handling maintenance issues and beyond, in this post by Stewart: Schutt Law in Fort Myers.
Explore our comprehensive guide to finding the perfect rental property and learn everything you need to know in this post by Stewart: Schutt Law in Fort Myers.
From crafting compelling listings to leveraging digital platforms, discover strategies and essential tips for marketing a property effectively in this post by Stewart: Schutt Law in Fort Myers.
Inheriting a property can be both a blessing and a challenge. Learn the essential steps and considerations to confidently navigate the process in this post by Stewart: Schutt Law in Fort Myers.
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
12601 New Brittany Blvd
Fort Myers, FL 33907
Phone: 239.540.7007
Fax: 239.791.1080
