SCHUTT LAW FIRM, P.A.
Phone: 239.540.7007
Title Insurance
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 unexpectedly rise high  and there will be no landlord to fix them for you. To help you be more prepared about the hidden expenses involved in being a home owner, Schutt Law- Title Insurance Agency brings you this post.

Renovations

You are bound to want to make changes to the house you just acquired, even if they’re small ones. It’s impossible to find the perfect house that perfectly shows off your taste. Renovations are extra expenses you’ll have to think about. A paint job, new shutters, a modern kitchen…renovations can be expensive.

Maintenance

Maintaining a home is a full time job. There’s no landlord to call, the job is on you. There are tons of unexpected maintenance costs that you can’t even consider them all.  Some of the most typical things to consider are: fixing leaks, repairing the roof, cleaning the gutters, resealing the driveway, repairing appliances, plumbing problems, maintaining the air conditioning system, cleaning or replacing the carpets…and those are only a few of the problems that can happen in a house. A big part of your budget will be going into maintenance, and it’s a fact.

Insurance

Insurance should definitely be considered into your budget. There are a lot of factors to consider when talking about insurance. Things like how old the house is, in what area it’s located, the size of the place, and many others are considered by insurance companies. Your rate can be raised by the insurance company if your credit score looks “risky”. Also, living in an area prone to natural disasters like: floods, earthquakes, tsunamis, or volcanoes present an extra payment for hazard insurance. It may seem expensive, but it’s better to be protected. Another insurance expense is getting title insurance. Fortunately title insurance is a one-time premium payment for a lifetime of protection. Title insurance protects your title against many unexpected liens. You can learn more about what protection title insurance provides by talking to the people at Schutt Law-Title Insurance Agency in Fort Myers at (239) 540-7007. Insurance is something you won’t regret paying for.

Lawn and Backyard

If you’re moving from an apartment to a house with a yard and front lawn, you’ll be shocked to find how much maintenance they require. You’re going to need the tools to mow the lawn, or you’ll have to hire someone to do it for you. If you decide to forgo plants in your yard and choose to decorate with stones, you need to buy them too.

Cleaning

Cleaning a house is more expensive than cleaning an apartment. While you probably already have cleaning supplies, now you’ll probably look into doubling the amount. Having extra brooms and mops, and maybe even a second vacuum is a good idea. If you’re constantly out working and you don’t have the time or the energy to clean the house, perhaps hiring a cleaning person could be a good idea. Hiring someone can add up to over $1,000 in a single year.

DIY Disasters

It might be a silly thing to consider, but sometimes in our quest for saving money we try to do things on our own and end up making a mess. How hard can it be to lay down your own flooring or knock down a wall? Well, if you’re not an expert and don’t really know a thing about what you’re trying to achieve, you can actually end up spending more. Eventually you’re going to need to call someone in to fix things up, you’re going to need to purchase the materials again too. Save yourself the drama and hire someone without experimenting on your own first.

Safety

You want to keep your family and possessions safe. Chances are you’ll look into installing an alarm system. If you have children you’ll need to child-proof the house. Maybe you’ll install motion-detector lights or a lighted footpath on your home’s exterior. All those extra safety feature cost you extra.

Buyer Demands

There’s no question that you need to keep up with your home maintenance. Even more so if you plan on selling the house in the future. Potential buyers will be looking into any possible flaw that needs fixing, and they’ll probably hire an inspector to go further into the exploration. The buyers will have demands. You’ll already have a great list of expenses before selling your house, you don’t want to have to pay more or lose money on your property because you have to repair things you neglected before.

 Get Your Title Insurance in Fort Myers, FL

You can cross off title insurance from your list when you call Schutt Law-Title Insurance Agency. Once you make your unique payment you and your heirs will be enjoying title protection for as long as you remain the owners. You can call them at (239) 540-7007 to get your title insurance process in Fort Myers started.
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