When the housing crisis and economic recession hit, it put many prospective homebuyers’ plans on hold, forcing those considering purchasing a home into the rental market. Now, as the economy continues to improve, some of those renters are looking to own. However, there are many factors to consider when buying a home. When it comes to the closing process, it is a good idea to know the terminology that will be discussed. This can help make the situation much more comfortable and professional for all parties involved. Below are some of the terms that may be discussed during the closing process: ANNUAL PERCENTAGE RATE (APR)… read more →
What is the “public records” doctrine, and why does it matter? ALL interests in immovable property must be recorded in the appropriate recording office to have effect against third persons. That is, a person who is not party to or personally bound by an instrument. Thus, the following examples of real rights, in order to have effect against the rest of the world, must be recorded: Usufructs Rights of habitation Servitudes such as rights of passage and utilities Mortgages Most liens/privileges, judgements, leases, oil, gas and mineral leases and servitudes Restrictive covenants The list of interests in land is potentially… read more →
What is a title examination and why is it important? An attorney may perform the search of the public records and examine the records themself and then issue the title opinion to the client. More often than not, the attorney does not search the public records but employs a professional abstractor, who prepares an abstract of title. An abstract of title is a concise summary of the documents and instruments of record which affect the title to a specific piece of land. An abstract should disclose the full effect of every instrument which constitutes part of the owner’s title and should… read more →
In order to truly understand the benefits and limitations of title insurance, an understanding of what “title” is, is necessary. For an even more concise understanding of title insurance, please visit our FAQ page. The types of real rights, that is, interests in immovable property, that Louisiana law recognizes are ownership, personal servitudes, predial servitudes, and such other real rights as permitted by law. Ownership is the real right that purchasers of residential real estate are most concerned, and thus, this part will be dedicated to that land interest. So, two questions need addressing: 1) How is ownership defined in Louisiana?, and… read more →
Title insurance is substantially different than other types of insurance coverage, which can often lead to a misunderstanding of the product. Title insurance emphasizes risk prevention rather than risk assumption. This emphasis on risk prevention is labor intensive and expensive, but the coverage offers the best possible opportunity for avoiding claims and losses in real estate transactions. Title insurance can be defined as the insurance of owners of the property or others having an interest therein, against loss by encumbrances, or defective titles, or adverse claims to title, and services in connection therewith. Title insurance is written either for the protection of the potential… read more →
Understanding what may be required when ordering a title insurance policy and preparing accordingly can help expedite the smooth closing of your transaction. When to Place Your Order When a title issue is found, additional time may be required to resolve concerns. Submit your request for title as early as possible to avoid delaying the closing. Prior Title Policy A discounted rate may be available if you provide your prior title insurance policy to the policy issuing office. New or Existing Survey If an existing survey of the property is available, the expense of a having a new survey may… read more →
“Escrow” is a term that describes the neutral third-party handling of funds, documents, and tasks specific to the closing (or settlement, as it is also known), as outlined on the real estate purchase agreement or sales contract. The purpose of escrow is to facilitate the transaction by managing the disbursement of funds and documents. KEY PLAYERS In accordance with local custom, the buyer or seller involved in the transaction will select the escrow provider, though they often defer to their real estate agent to make this decision. This provider could be an escrow company, title officer, or title/escrow attorney, depending… read more →
Hoping to sell your house this summer? Use our home seller’s checklist to get your house show ready! INTERIOR Clean: Doors Windows Light switches Baseboards Chair rails Carpets Draperies Paint: Paint/repaint rooms in neutral colors as needed Other tasks: Remove/pull back dark curtains Lubricate squeaky door hinges Clean ceiling fans Check for cobwebs in all corners Fix scratches in wooden floors Repair/replace broken flooring Use area rugs, if needed Empty wastebaskets Make beds Fluff or replace accent pillows KITCHEN Keep dishes and food out of sight Clean appliances Sweep/Mop Clean light fixtures Test electrical outlets Eliminate cooking odors Deodorize garbage disposal,… read more →
Have you ever wondered why you need title insurance? Your home may be new to you, but every property has a history. A thorough title search can help uncover any title defects tied to your property. And, subject to the terms of the policy, your title insurance provides protection for you from title problems that may become known after you close your transaction. Some of these common title issues are: Errors in public records: To err is human, but when it affects your home ownership rights, those mistakes can be devastating. Clerical or filing errors could affect the deed or… read more →
Recent Comments