In order to truly understand the benefits and limitations of title insurance we’re breaking it down for you. This article is the first part of a four-part series. We will cover the following topics with you over the next four weeks: Part 1: What is title? Part 2: What is the “public records doctrine” and why does it matter? Part 3: What is a “title examination” and why is it important? Part 4: Title insurance basics Part 1: What is “title”? The types of real rights, that is, interests in immovable property, that Louisiana law recognizes are ownership, personal servitudes, predial servitudes and such other… read more →
We understand that by keeping you informed and helping you prepare for closing day, the more likely you will have a stress free closing experience. Our courteous and professional staff are proactive in their communication and work diligently to ensure the orderly and efficient transfer of real estate…and we do it with a level of service and friendliness that is hard to beat in this industry. Here are 5 things NOT TO DO during the closing process: CHANGE YOUR MARITAL STATUS: How you hold title is affected by your marital status. Be sure to make both your lender and the title company… read more →
Remembering each home would appear easy, but it can quickly become confusing. Which home was near the school? Which one had the great pool? Did it have a family room? How many bathrooms? In the “Something Memorable” category, note something you think is unusual and memorable about each home, such as a stained glass window, fruit trees, a child’s playhouse. This will make it easier for you to recall the property later and refer to a specific address. And, last but not least, maybe the most important question, does this house feel like home? The following home comparison chart is… read more →
THIS FORMULA IS ONLY A GUIDE AND NOT TO BE CONSTRUED AS ACTUAL LENDING CALCULATIONS. Contact your loan officer to determine more accurately what price range you should consider. Lenders abide by certain ratios when calculating the loan amount their customers can qualify for and the ratios vary by lender and loan program. Many use 28% of your gross monthly income as the maximum allowed for your mortgage payment (principal/interest/taxes/ insurance or PITI); for your total monthly debt, the ratio is 36%. Total monthly expenses means PITI plus long-term debt (such as auto loans) and revolving/credit-card debt. Do not… read more →
Title insurance protects the insured against covered title defects affecting the insured property. When you buy a home, you expect to enjoy important property rights. For example, you likely expect to be able to occupy the property, to be free from debts or obligations not created or agreed to by you, and to be able to freely sell your property or pledge it as security for a loan. Title insurance is designed to protect these important property rights. Here are seven reasons you should purchase an owner’s policy of title insurance. 1. Buying a home is a big investment. For… read more →
Have you ever considered how much you pay in rent over an extended period of time? It is probably a lot more than you realize. The amount you spend for rent each month could be applied to a mortgage, not only building equity in your own property, but, in most cases, substantially reducing the Federal and State income taxes you pay each year. And, what happens to your rent money? It’s gone! There’s no interest, no equity, no return. To determine your home-buying ability, call your real estate agent or lender. Here’s a chart to help break down how much… read more →
While the holiday season probably doesn’t jump out as one that we want to undertake home projects, it can be a good time to take care of some of those smaller chores that you’ve been putting off. This time of the year often serves as a reminder of some of our deferred home maintenance, so think about taking some of these practical steps to make the season more enjoyable. 1) Install and/or maintain smoke alarms: With the cooking appliances working overtime, holiday scented candles continuously burning, and dry Christmas trees strung with hundreds of burning light bulbs, home fires during… read more →
SEND CHANGE OF ADDRESS TO: -Post Office -Bank -Credit card companies -Friends and relatives -Insurance companies — Life, health, fire, auto -Automobile — Transfer of car title registration, driver’s license -Utility companies — Gas, light, water, telephone, cable Arrange for any refunds of deposits Arrange for service in new location -Home delivery — Laundry, newspaper, magazine subscriptions -School records — Ask for copies or transfer children’s school records -Medical records — Medical, dental, prescription histories Ask doctor and dentist for referrals Transfer needed prescriptions, x-rays, etc. -Church, clubs, civic organizations — Transfer memberships and get letters of introduction DON’T FORGET… read more →
Do you feel like you are drowning in alphabet soup? Acronyms have become common-place in the title insurance industry. In fact, acronyms have come so far that there are acronyms of acronyms! One of the newest is TRID, an acronym for TILA-RESPA Integrated Disclosure Rule. Some acronyms are part of an industry group or association, such as ALTA, NAHB, DOI, or DFR; sometimes an acronym may describe certain standards. There are so many acronyms that it can be confusing and certainly overwhelming. The table below contains some of the industry’s most commonly used acronyms and their meanings.
Homeowner’s have many options to consider when determining the best possible protection to keep their homes safe and secure for their families. Many homeowners choose to install smoke alarms, deadbolt locks, and home security systems as important lines of defense to ensure their peace of mind. An Owner’s Policy of Title Insurance is also an option homeowners choose to provide an added layer of security and protection. Your home may be new to you, but every property has a history. There may be hidden issues in the chain of title which could affect your ownership, such as: Errors in Public… read more →
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