SCHUTT LAW FIRM, P.A.
Phone: 239.540.7007
Title Insurance
10/23/2015

Finding the Right Price for Your Home

If you have found yourself thinking about selling your home, but aren't quite sure where to start with the price, you're not alone. To help make it easier, Schutt Law has put together an easy to follow checklist to help make your first home sale a smooth one.

Finding a Base Asking Price

Take a look around your local areas for similar homes which are also for sale. Take note of their size and extras such as as pool, garden or entertaining area. While it may be a little hard to view your property in a negative light, use what you find to gauge where your home sits, giving you a base amount to work with when setting your asking price.

Choosing the Your Comfortable Price

Now that you have an idea where your property sits, work with this and choose an amount that you feel comfortable with. Consider what you paid for it originally, including any and all interest and fees, as well as any improvements you have made which you feel add value to your home.

Choosing Your Asking Price

Now comes the tricky part - the actual amount you're going to put on advertisements. Many home sellers find this is the biggest challenge because of emotional attachment to their property. Now is the time to take a step back and look at your home from a buyer's point of view. Remember that there is a real chance that this amount is going to be significantly lower than your comfortable price. Other factors should also be considered, such as how quickly you would like to sell your home - in which case you may set your price lower in the market to attract more buyers faster.  If you are including high-end utilities such as a dishwasher or laundry services, consider leaving these behind and providing them as a free addition to the property. If you attract a buyer that does not have a complete house of furniture, this could be the difference in choosing your home.

Title Insurance in Cape Coral

Remember that buyers are likely to be using a mortgage for the purchase of your home, which means there is documentation they will need to satisfy their lenders. Take this burden off their hands and arrange a title search in Cape Coral prior to opening your home. Speak with Schutt Law on 239 540 7007 and ask about how a professional title search can assist your home buyers in obtaining title insurance in Cape Coral.
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