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 →
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 →
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 →
Although the property you just purchased is new to you, it has a history, and sometimes, these histories can include unwanted baggage. During a real estate transaction’s closing process, a title search on the property is completed to determine whether there are title defects that can have an effect on the purchase. One common title issue buyers face when completing a title search is an error in public records. Humans aren’t error-free, and a clerical or filing error regarding your property can have an effect on the deed and result in costs you may not have expected. A title search… 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 →
The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector. Its jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors and other financial companies operating in the United States. The Great Recession of ‘07-‘08, the catalyst of which was the meltdown in the secondary mortgage market, proved a difficult time for many Americans. As residential home values depreciated rapidly over the coming years while the market for employment concurrently contracted, many homeowners defaulted on their upside down mortgages. The resulting… read more →
In order to truly understand the benefits and limitations of title insurance we’re breaking it down for you in a four-part series. Last week was Part 3: What is a “title examination” and why is it important? The final topic to cover is Part 4: Title Insurance Basics. Part 4: Title insurance Basics 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… read more →
In order to truly understand the benefits and limitations of title insurance we’re breaking it down for you in a four-part series. Last week was Part 2: What is the “public records doctrine” and why does it matter? The remaining topics to cover are: Part 3: What is a “title examination” and why is it important? Part 4: Title insurance basics Part 3: What is a “title examination” and why is it important? An attorney may perform the search of the public records and examine the records himself and then issue the title opinion to the client. More often than… read more →
In order to truly understand the benefits and limitations of title insurance we’re breaking it down for you in a four-part series. Last week was Part 1: What is title? The remaining topics to cover are: 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 2: What is the “public records” doctrine, and why does it matter? As briefly touched on in Part 1, not only must ownership transfers of immovables be recorded in the public records, in… read more →
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… read more →
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