SCHUTT LAW FIRM, P.A.
Phone: 239.540.7007
Title Insurance
06/08/2017
Getting title insurance will probably be a request from your mortgage lender, but it never hurts to know what the process entitles. Here is a quick guide to the title insurance process in Fort Myers, FL. You did it! You’re almost done with the long process of buying a home. You found a house,...
05/09/2017
Mortgage lenders require a home appraisal before handing out a loan. There are many elements that are taken into consideration by the appraiser, elements that can increase or decrease the value of your home.

What Appraisers Look for in a Home Appraisal in Fort Myers, FL

If you’re thinking of...
04/12/2017
Becoming a home owner isn’t something that comes cheap. After dealing with all the expenses of buying a house, you need to consider the every other payment that comes after you’ve signed the papers. Many people are rather naive when it comes to the costs of owning a house. Maintenance bills can...
03/08/2017
Sometimes the only money you consider when you’re putting your home on the market is the one you will be receiving. While thinking of your asking price, you can easily forget that selling a house costs money too. Sometimes the costs can be really high. Maybe you’ve considered some of the...
02/08/2017
A very important requirement for getting a good deal on a mortgage loan is to have a credit score. Good credit rating isn’t something you get from one day to the next, it takes years of dedicated care to cultivate a good score. There are some tips you can try to help you achieve some quick...
01/09/2017
When selling a house, it feels like a waste of money to repair what’s broken or what looks bad. Let the new owners do it! Doing a few repairs doesn’t mean you have to go crazy and change everything you didn’t while you were living there. However, there are a few home repairs you should do before...
12/09/2016
If you are in the process of buying a house and you are not sure what to do, it certainly would be easier if you had someone by your side to guide you through the process. That is exactly what a real estate agent will do for you. After they help you complete the purchase, they will suggest you...
11/09/2016
Do you believe in love at first sight? How about hate at first sight? First impressions matter so much, especially when selling a house. The first thing a potential buyer looks at is the exterior of the real estate, whether it is in a photo or in person. Do you think your home is appealing to...
10/11/2016
Selling your home doesn’t need to be a long and difficult task. Most of the time it’s the seller that makes the task harder because they make some very common selling mistakes. By avoiding these mistakes, their selling experience will go by much more smoothly and successfully. Schutt Law has...
09/08/2016

How to Know You Found The One When You Are Looking For a House

It’s time for you to take that big step of buying a home. You’ll probably look at many options before you find on that fits your needs.  Your real estate agent can't force you to buy a house, your friends can't make that decision...
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