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Title Insurance
8/7/2023
Discover the importance of effectively screening potential buyers for your property sale to ensure a smooth and successful transaction. Learn the key steps from Stewart: Schutt Law in Fort Myers.

The Significance of Buyer Screening in Property Sales

When it comes to selling your property,...
7/7/2023
Large property maintenance is critical to the upkeep of commercial and residential properties. Learn about the key aspects of maintaining your property in this post by Stewart: Schutt Law in Fort Myers.

Maintaining a large property is no small task, but it is critical to the success of any...
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Hiring a home inspector can save you from costly repairs and maintenance issues. This article by Stewart: Schutt Law in Fort Myers teaches the benefits and importance of hiring a professional home inspector.

Hiring a home inspector should be at the top of your to-do list if you plan to buy or...
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Depersonalizing your home is an important step in preparing it for sale. Learn how to remove personal touches and make your home more appealing to potential buyers in this comprehensive guide by Stewart: Schutt Law in Fort Myers

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Understanding the different types of deeds is essential, as it’s a critical aspect of real estate transactions. Keep reading to learn about different types of deeds from Stewart: Schutt Law in Fort Myers

A deed is a legal document that transfers the ownership of a property from the seller to...
03/14/2023
Not all home insurance policies are created equal. Learn more about them in this post by Stewart: Schutt Law in Fort Myers and ensure you’re protecting your assets in the event of an unexpected situation. 

Why Having Home Insurance Matters

Home insurance is vital because it provides financial...
02/22/2023
Professional home staging can be great if you’re considering selling your property. Read this post from Stewart: Schutt Law in Fort Myers to learn everything you need to know about it.   

If you’re venturing into the real estate world for the first time, you might hear about stagers and the...
01/20/2023
If you are still feeling puzzled about renting vs. buying a house, the experts back at Schutt Law in Fort Myers have prepared this post to help you make the best decision according to your current circumstances.

If you want to know more about the implications of having title insurance, contact...

01/20/2023
Homeownership can be overwhelming. Are you ready to step into this new life stage? The experts at Schutt Law in Fort Myers are qualified to help you determine when is the best time to buy an apartment.



If you need guidance concerning real estate, get in touch with an expert at Schutt Law in Fort...

01/20/2023
Becoming a homeowner is a dream that can turn real if you follow a few steps. Learn what New Year's resolutions to keep if you want to invest in real estate through this post by Schutt Law Firm, P.A. in Fort Myers, FL.

The new year brings with it the opportunity to improve different areas of...
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 heirship
  • Probate 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