SCHUTT LAW FIRM, P.A.
Phone: 239.540.7007
YOU ARE HERE: HOME / TITLE INSURANCE
Title Insurance
Buying a new home can turn into a long and stressful process. With this in mind, do your best to ensure you make the best investment possible by asking these questions before making an offer.
What to Ask Before Buying a Home
After a while of searching for a home, you may be desperate to put in...
After renting a home for a while, most people think the most logical next step is to buy a home. While this may a good next step for some, buying isn't always right for everyone.
Renting vs Buying a Home
If you've been wondering whether you're ready to make the move from renting a home to...
Whether you're looking for a new home or are planning to put yours on the market, there are some deal breakers to look out for. Not sure what they are? This post can help!
The Most Common Home Buying Deal Breakers
Most home buyers have a pretty clear idea of what they want in a home, but many...
Saving for a down payment may seem like a near impossible task, but it can definitely be done. To help you save up for a sizeable down payment, check out these simple money saving tips.
Easy Ways to Save for a Down Payment
Homeownership is a dream for many, but it can become a reality fast if...
When you're in the process of buying a home, getting a home inspection will eventually be required. Don't pick just any home inspector to do the job. Use these tips to pick the right company.
Tips to Help You Pick a Home Inspection Company
Finding a new home at the right price can take some...
Before you put your home on the market this spring, be sure it's ready to wow potential buyers. To get it right, focus on increasing your curb appeal using these tips.
Increase Your Home's Curb Appeal With These Tips
As you plan your home selling strategy, don't forget to include curb appeal in...
Why Your Home Is Still on the Market
If your home has been on the market for a while now, yet it seems like...
Before heading to an open house, be sure you know what to look for in the home. Instead of focusing on how it's decorated, pay attention to the details that matter.
Know What to Look for During an Open House
An open house is a great way of getting a closer look at a home you're considering...
If you're starting your home search, be ready to compromise. Chances are you won't find a home that is perfect in every aspect, but there are also some things you shouldn't compromise on.
What You Shouldn't Compromise on When Searching for a Home
Before you start scouring listings hoping to... ;If you're eager to purchase your first home, be sure you're absolutely ready for the financial responsibilities of homeownership. Below are some points to consider before purchasing your first home.
Signs That Indicate You're Not Ready to Be a Homeowner
Buying a home is by no means an easy...
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
12601 New Brittany Blvd
Fort Myers, FL 33907
Phone: 239.540.7007
Fax: 239.791.1080
