Phone: 239.540.7007
Title Insurance
It’s no secret that the homebuying process is very demanding and you should look after every detail to prevent any potential problems. However, it’s very easy to relax towards the end of the transaction and neglect the final walk through, which it’s also very important. For this reason at Schutt Law Firm in Fort Myers, we would like to tell you more about this small but important step. 

Is it an Inspection?

The final walk-through takes place before signing the closing and by this point a thorough inspection should have been carried out by a professional. Keep in mind that should ask your real estate agent to schedule it and be sure to bring your contract. 

Create a Checklist

There are many details that you have to look out for and having a checklist will make everything easier. Some of the things you should inspect are: the appliances, toilets, light fixtures, doors and windows, HVAC unit, water faucets, walls and floors and agreed-upon repairs. Remember that this step takes about 45 minutes. 

If you find any Trouble?

In case you notice certain problem, you should tell your real estate agent. This way you will be able to negotiate with the seller any uncompleted repairs or damage. Keep in mind that sometimes the restoration may be too expensive or difficult to fix and walking away from the deal may be the right choice. 

Many sellers tend to forget about this simple step and skipping it can have many unfortunate consequences, as you will have to cover for any repairs that weren’t in your budget. Also, remember that the move in will also require enough planning to avoid adding extra stress to the process, so be sure to read our guide on this topic. 

For Title Insurance in Fort Myers

Having the right legal advice is crucial to protect your investment against real estate scams. If you are looking for title insurance in Fort Myers, you can trust Schutt Law Firm. Call 239-540-7007 to learn more about our services.
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