SCHUTT LAW FIRM, P.A.
Phone: 239.540.7007
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Title Insurance
The title experts at Schutt Law in Fort Myers, FL, know that any summer relocation plan needs protection. Below you’ll see how title insurance shields your home from sudden issues.
A perfect summer relocation plan starts with protecting your home! Schutt Law in Fort Myers, FL, provides the title insurance you need. Call (239) 540-7007 to book a title assessment.
Why Fort Myers Is a Hotspot for Relocation
Fort Myers has become a top destination for families and retirees thanks to its warm climate, affordable cost of living, and high quality of life. The real estate market is booming with an influx of people moving to the area. While this is great for home values and opportunities, it also increases the risk of title issues arising from rapid property turnover.
As you create your summer relocation plan, it’s essential to consider the unique dynamics of the Fort Myers housing market. With more buyers competing for homes, there’s a higher likelihood of rushed transactions and overlooked title issues. That’s where title insurance comes in—providing peace of mind amid the fast-paced real estate environment.
Moving to Fort Myers this summer? Ensure a seamless summer relocation plan with title insurance from Schutt Law in Fort Myers, FL. Call (239) 540-7007 and request advice from the best title team in town.
How Title Insurance Protects Your Summer Relocation Plan
When planning a summer move to Fort Myers, the last thing you want is a legal dispute over your new home’s ownership. Title insurance acts as a safety net, protecting you from a range of potential problems:
- Unpaid Liens: Previous owners may have left unpaid debts attached to the property, such as contractor fees or overdue property taxes. Title insurance ensures you won’t be responsible for settling these debts.
- Clerical Errors: Mistakes in public records, like misspelled names or incorrect legal descriptions, can lead to ownership disputes. Title insurance covers the costs of correcting these errors.
- Ownership Disputes: Imagine moving into your new Fort Myers home only to have someone else claim they have a legal right to the property. Title insurance protects you against such claims and covers legal defense costs.
- Undiscovered Easements: An easement allows others to use a portion of your property, affecting your ability to make changes or improvements. Title insurance ensures you’re aware of any existing easements before closing the deal.
- Fraud and Forgery: In rare cases, fraudulent documents can make their way into property records. Title insurance protects you from financial loss due to forged signatures or misrepresented ownership.
Title Insurance: A One-Time Investment for Long-Term Protection
One of the best aspects of title insurance is that it’s a one-time purchase that provides coverage for as long as you own the property. Unlike homeowners insurance or flood insurance, which require annual premiums, title insurance involves a single upfront fee.
This one-time investment ensures that your summer relocation plan remains on track without the risk of unexpected legal or financial complications down the line. It’s a small price to pay for the assurance that your Fort Myers home is truly yours.
Choosing the Right Title Insurance Policy
When purchasing title insurance, you’ll encounter two types of policies:
- Owner’s Title Insurance: Protects your ownership rights and covers legal costs if disputes arise.
- Lender’s Title Insurance: This is required by mortgage lenders to protect their financial interest in the property.
While the lender’s policy is mandatory when financing a home, the owner’s policy is optional—but highly recommended. Without it, you could face significant legal expenses or even lose your home in the event of an ownership dispute.
How to Incorporate Title Insurance Into Your Summer Relocation Plan
To ensure a smooth and secure move to Fort Myers, follow these steps to incorporate title insurance into your summer relocation plan:
- Work with a Reputable Title Company: Choose a trusted local title company with experience in the Fort Myers real estate market.
- Conduct a Title Search: A thorough title search identifies any existing issues with the property’s title before closing.
- Review the Title Report: Carefully examine the title report for any red flags, such as liens, easements, or ownership claims.
- Secure Title Insurance: Purchase an owner’s title insurance policy to protect your investment and provide peace of mind.
The Cost of Skipping Title Insurance
Skipping title insurance to save money can lead to costly consequences. Without it, you could be liable for unpaid debts, legal fees, or even property loss. In a competitive market like Fort Myers, where homes change hands frequently, the risk of title issues increases. Protecting your summer relocation plan with title insurance is a wise and necessary step.
Your summer relocation plan deserves the best protection and preparation. Start with title insurance from Schutt Law in Fort Myers, FL, and call (239) 540-7007 now to ensure your summer relocation plan stays on track with title insurance.
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
