Though you are not required to hire a real estate agent, they can be very helpful when it comes to selling your home making the 3% to 6% sales fee worth the investment. However, if you decide to proceed without an agent, Prime Title can assist you in listing your home for sale by owner. Our attorneys can also assist in preparing and negotiating the purchase agreement.
Home Sellers
What is Prime Title’s role in the real estate transaction?
We are the 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 sell your 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 have clear and marketable title to the home you are selling. 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 of the property. We also act as escrow agents who handle the collection and disbursement of all funds required to the transaction, and we are present at the closing to answer all of your questions.
Does Prime Title draft real estate purchase agreements?
Yes. A real estate purchase agreement is the contract between you and the buyer of your home that outlines the terms of the sale. Typically, your real estate agent will assist you with the purchase agreement. However, if you choose not to use a real estate agent, Prime Title’s experienced real estate attorneys will draft and assist you in negotiating your purchase agreement with the buyer. Even if your real estate agent prepares the purchase agreement, our attorneys are happy to review the purchase agreement and answer any legal questions that your real estate agent may not know.
What will happen at closing?
The closing typically takes place at Prime Title’s office with you, the buyer, 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 seller typically walks away with a check for the profit of the home sale. The seller’s portion of the closing typically takes about 25 minutes or less to complete.
What information will Prime Title need from you prior to closing?
In order to prepare your file for your closing, our office will require several items of information from you about the sale of the home, including:
- Purchase Agreement. We will request an up-to-date version of your purchase agreement, including any amendments that affect the sales price or specify any repair items will be paid by the seller.
- Mortgage Payoff. To ensure the conveyance of clear title from you to the buyer, we are responsible for paying all debts owed by you secured by the property – such as, first mortgages, second mortgages, and any equity lines of credit.
- Marital Status. This information is relevant to our title exam of the property.
- Social Security Number. We need this for the filing of 1099 forms, and could also be relevant to our title exam of the property.
- Homeowners’ Association / Condo Association Dues. If applicable, we must ensure that all debts relating to the association are paid, and that we make the proper pro-rata credit to you for the dues that you have already paid.
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.
- Keys. The closing is a good time to provide the buyer with all keys, garage door openers, and codes or keyless entry to the house or alarm system to the home you are selling.
Our knowledgeable and friendly title specialists will let you know in advance of the closing if you need to bring anything else.
What if I cannot attend the closing?
If you are unable to attend your closing, please call our office as soon as possible so that we may prepare a Power of Attorney for your closing. In such an instance, you will execute a Specific Power of Attorney form appointing another party as having power to execute documents on your behalf.
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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