Prime Title is dedicated to ensuring that your home buying experience is a positive one. Below are our answers to some commonly asked questions about the home buying process. You may also download your very own Prime Title Home Buyer’s Checklist to help guide you through the process. Contact us if you have any questions that are not answered on this page.
Home Buyers
I’ve decided to buy a home, where do I start?
Whether you’re a first-time buyer or an experienced homeowner, buying a new home can be an exciting – but sometimes overwhelming – process. Before you get serious with your home search, you’ll want to find a loan officer and a real estate agent with whom you are comfortable. These real estate professionals will guide you through the entire home buying process and make the experience much easier. Here at Prime Title, we work closely with loan officers and real estate agents in Acadiana. Contact us we will be happy to provide you references to qualified real estate professionals to get you started, and we will answer any other questions you have about the home buying process.
What is Prime Title’s role in the home buying process?
We are your title and closing attorneys who take a complex process and turn it into a seamless experience for you. After you enter into the formal purchase agreement to buy your new home, we play an integral role in the processing and eventual closing of the real estate transaction. We conduct a title exam to verify that you receive clear and marketable title to your new home. And if there are any problems in the chain of title, we work diligently to resolve those problems. We also prepare the necessary documents to transfer ownership into your name, and we provide title insurance to both you and the lender. We also act as escrow agents who handle the collection and disbursement of all funds required to the transaction, and we are there for you at the closing where your real estate transaction is finalized.
How do I make sure that Prime Title handles my closing?
Simple – It’s your choice! From the start, tell your real estate agent and loan officer that you choose Prime Title as your closing attorney.
What will happen at closing?
The closing typically takes place at Prime Title’s office with you, the seller, the real estate agents, the loan officer, and one of our experienced attorneys present. We will have all the documents you will need to sign, and our attorney walk you through the process. The attorney will be happy to answer any questions that you have. The closing typically takes about 45 minutes or less to complete. And when it’s done, you are a new homeowner!
What do I bring to closing?
In general, you should bring the following items to every closing:
- Photo identification. Your signature will be notarized on various loan and title documents, so bring your state-issued photo identification, such as a driver’s license, to the closing — even if your purchase is to be made solely with your own cash.
- Certified funds. State law requires that the funds brought to closing by the buyer be “certified.” “Certified Funds” include cash, certified checks, cashier’s checks, or funds received by wire transfer. Personal checks can be accepted if the amount required does not exceed $2,500.00.
Our knowledgeable and friendly title specialists will let you know in advance of the closing if you need to bring anything else.
What is title insurance?
Title insurance is an insurance policy that provides coverage for damages and legal fees incurred in the event of an adverse claim affecting ownership to real estate. A Lender’s Policy provides coverage to lenders; and an Owner’s Policy provides coverage to the individual property owner in the event a title defect is discovered in the future.
Why do I need title insurance?
A home is probably the single largest investment you will make in your life. You insure everything else that’s valuable to you – your life, car, health, pets, etc. – so why not your largest investment? For a one-time fee, owner’s title insurance protects your property rights for as long as you or your heirs own the home. Our attorneys are happy to meet with you in advance of the closing to answer any questions you have about the need for title insurance on your new purchase.
What does title insurance cover?
The title insurance policy would cover claims resulting from forgeries in the public records, filing clerk errors, deeds extended under duress, and numerous other hidden defects undetectable by the closing attorney’s title examination.
What is the cost of an Owner’s Title Policy?
You will pay a one-time premium for both the Loan Policy and the Owner’s Policy at the close of your transaction, based on the total value of your home and the amount of your loan. It typically costs around 0.5% of the home’s purchase price, and it provide coverage as long as you or your heirs own your home.
How much money will I need upfront to buy a home?
In general, you need enough money to cover three expenses: the earnest money (variable), down payment, and closing costs. A loan officer can easily provide you this information – typically at little to no cost. Your loan officer will provide you with a good faith estimate (“GFE”) setting forth the estimated costs associated with a particular real estate transaction at a given price point. Contact us for a breakdown of our fees.
How are property taxes handled at closing?
At closing, the property taxes are pro-rated according to usage of the property. The seller is typically responsible for taxes accrued to the date of closing, while the buyer is responsible for taxes from the date of closing to the remainder of the year. If the seller has not yet paid taxes on the property, the seller will pay his pro rata share to the buyer at closing with the buyer being responsible for paying the tax bill at the end of the year. However, if the seller has already paid the taxes, he will get reimbursed the buyer’s pro rata share.
1819 W. Pinhook Road, Suite 100
Lafayette, LA. 70508
337.235.0047
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