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 →
WHEN AND WHERE TO APPLY FOR A LOAN? There are many sources for home loans including banks, credit unions, mortgage companies, and mortgage brokers. You may consider asking friends and relatives or your real estate agent for recommendations. Knowing what you can afford before you begin looking may give you more bargaining power when negotiating with a seller. WHAT IS A HAZARD (OR FIRE) INSURANCE? Hazard insurance covers the dwelling itself and may be required for your home. Your lender or real estate agent may explain the necessary hazard insurance coverage to you. If you are buying a condominium, ask… 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 →
Often times home buyers and sellers of real estate are unaware of what is encompassed by the term “closing costs”. This is especially true for first time home buyers. What is included as closing costs for your particular transaction may vary. However, below are some common closing costs, some of which you can expect to pay at the closing of your next home purchase. Generally speaking, closing costs are defined as miscellaneous fees charged by those involved with the home sale (such as your lender for processing the loan, the title company for handling the paperwork, a land surveyor, local government offices for… 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 →
“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 →
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