SCHUTT LAW FIRM, P.A.
Phone: 239.540.7007
Title Insurance
05/15/2015
Would you buy a home without ever having seen it? Not knowing if it was infested with mold, if its roof was falling off, or if it was a lot smaller than described? This is similar to buying a property without having it properly inspected first. 

A home inspection report can give you a better idea on a property’s condition, and of the restorations it needs. It is so important that it may even sway the home price. Still, if you want to have a thorough home inspection, you should follow the tips below.

Home Inspection Tips

Always Get a Home Inspection Done

As mentioned above, you wouldn’t want to buy a house without learning more about it first. Still, there are some people that believe that home inspections aren’t necessary in some cases (for instance, if the house is brand new). The thing is that you never know what mistakes or problems a property may have, so you’re better off just getting a home inspection done.

Always Hire Your Own Inspector

Thankfully, there are disclosure laws that oblige the seller to provide a home inspection report detailing the issues with the property. However, as a buyer, you may still want to get a home inspection of your own. This is because, by hiring your own inspector, you’ll be able to tell them your interests and your concerns, and they’ll be able to work with your particular goals in mind.

Always Communicate with Your Inspector

Tied up to the point above, if you want the inspector to pay close attention to certain elements in the property, you will have to let them know about them. Sit down with them and communicate what you want out of the inspection. This way, you’ll both be on the same page, and they’ll provide the information you require.

Try to Go on the Inspection

Lastly, ask your inspector if you can join them as they go through the property. Needless to say, reading about a problem on a report can lead to misinterpretations, which is why, if you want to get a more accurate perspective, you should be there to get the information firsthand. This will also allow you to ask the proper questions and learn more about the property.

Call Schutt Law Firm, P.A. for Title Insurance in Fort Myers

If you’re nearing the closing process, purchase title insurance in Fort Myers. Doing so will ensure that you’ll have a safe and successful transaction. If you require a reliable title services company to that end, know that you can trust in the expertise of Schutt Law Firm, P.A. in Fort Myers! Call 239.540.7007 to learn more about how they can assist you.
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