SCHUTT LAW FIRM, P.A.
Phone: 239.540.7007
Title Insurance
08/14/2015

Picking a Real State Agent

While many buyers choose to buy a property without an agent, this important transaction involves many steps and it's very easy to make a mistake due to lack of experience. However, having an agent can make things easier and help you fulfill your homeownership dream.  For this reason at Schutt Law Firm in Fort Myers, we would like to share helpful tips to choose your real estate agent.

Where to Look?

There are many ways to find a good real agent and word of mouth is a powerful and simple tool. If your friends or relatives recently worked with an agent, ask them about him/her. Remember that you can find agents at open houses and also make sure to look online.

Getting to Know Your Agent

Remember that you should have some candidates before taking a decision. Make sure to research their experience; needless to say, your agent should be licensed. Don't forget that your future agent must be an expert in the neighborhood where you are planning to buy, as this will make the house hunt easier.

Interview Your Agent

Qualifications are very important, however you shouldn't forget that you and your agent should have great chemistry. Make sure to have an interview to find out mire his/her previous sales, buying strategy, commission and get to know him/her better. Choosing the right agent is the first step towards a successful sale and you have to take time to find the right one. Also, you shouldn't forget including certain costs in your budget that many owners somehow neglect, so be sure to read our guide on this topic.

Title Insurance in Fort Myers, FL

Remember that you should protect all the efforts that this investment represents. At Schutt Law Firm we will provide you with the assistance you need for a successful closing. Think about us next time you are looking for title insurance in Fort Myers. If you wish to learn more about our services, please call 239-540-7007.
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 heirshipProbate 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