SCHUTT LAW FIRM, P.A.
Phone: 239.540.7007
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Title Insurance
If you're hoping to purchase a new home soon, it's important that you know exactly what you want. To help you get on the right track, use these tips Schutt Law in Fort Myers to build your wishlist.
How to Create a Useful Wishlist
Buying a home requires quite the investment, so getting the home you want is a must. You may have an idea of what you want, but it can be easy to lose track of this once you're out exploring your options. Before you forget what you want and need, be sure to write it all down in a useful home wishlist.If you're buying a new home, you're not protected if you don't have title insurance in Fort Myers. To learn more about title insurance, contact the experts at Schutt Law. Give them a call at (239) 540-7007 to get your questions answered.
Identify What You Like
You may have an idea in your mind as to what your dream home would look like, but this can be hard to recall when you're touring a home. To ensure you know exactly what you want, write down an actual list of the items that make up your dream home. Sitting down to write this can be stressful because where do you even begin? To make this easier, take a walk through your current home to identify the items you love. Take it one room at a time and separate your list by room. Be sure to write down everything you love and that has made your life in this home easier. For example, you may love the amount of storage space you have in your kitchen and want the same in your next home. Include this in your list and keep in mind that you can edit your list later to differentiate between wants and needs.Know What You Don't Want
Similar to the first point, it's also a good idea to walk around your current home and write down what you don't like about each room. This will help you identify deal-breakers or other details you want to avoid in your future. For example, you may struggle with the fact that your current bathroom doesn't have a window. Write this down in your list of items you want to avoid so you can later turn it into something you can add to your wants/needs list. In this case, a bathroom with a window would be what goes on your wants/needs list.Focus on Your Surroundings
Once you're done creating your lists for the interior of your home, don't forget to do the same with the exterior and surroundings. Start with your home's exterior and consider things like the yard, the driveway, and even the location of your home. Do you want enough space for a garden or is a small outdoor area ideal? Do you mind living in the corner house or do you prefer the middle of a neighborhood? On top of this, ask yourself what you like and dislike about your current location. For example, you may like that grocery stores are nearby but struggle with how far away your office is. Think about your daily routine so you can make more conscious decisions about your future home's location.Be sure to purchase title insurance in Fort Myers to protect your investment. To learn all about the importance of title insurance, contact the friendly experts at Schutt Law at (239) 540-7007.
Think About the Future
Next, think about the plans you have for the future. Generally speaking, when buying a home, you should be ready to commit to living in it for a while. This means you should be planning the be there for at least the next five years. If you're planning to expand your family during this time, then factor that into how large your home should be. This can also affect things like your ideal location, yard size, and even neighborhood.Get the Basics Down
Finally, it's important that you define some items. One important factor to determine is your budget. Knowing what your budget is can help you narrow down your home search so that you don't waste time looking at homes that don't fit it. Think about how many bedrooms you need for your family to live comfortably. If you have multiple cars in your family, you may need a garage and driveway to avoid having to park in the street. Think about these basic items to have an easier time finding the right home.Protect your home investment with title insurance in Fort Myers. The title insurance experts at Schutt Law can answer all the questions you may have. Give them a call at (239) 540-7007 to get your questions answered.
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
