Residential Real Estate Transactions
Residential real estate transactions are in Standard Title’s wheelhouse! From the time we opened our Lafayette office in 2001, our team successfully closed more than 20,000 residential real estate transactions—establishing a record of proven experience you can trust. We are proud to be ALTA Best Practices certified—a distinction many banks, lending institutions, and mortgage companies require. The ALTA certification demonstrates compliance with the highest industry standards and practices. Accompanied by an unmatched level of customer service, we are confident you will find truth in our claim:
Below is a brief overview of the closing process. We are always happy to answer your specific questions, so please do not hesitate to contact our office directly.
- Request for title or receipt of purchase agreement.
Generally, our team begins work on your file upon receiving a request from your lender to provide a title commitment (“request for title”). For transactions that do not involve financing, we open your file upon receipt of the purchase agreement.
- Title Search or abstract.
After we verify the parties’ personal information, we conduct a title search, or “Abstract of Title,” which includes a detailed search of the property’s ownership history in the public records; identification of all recorded mortgages, liens, judgments, or encumbrances that may affect the property; and, a detailed search of all the instruments affects the buyers or sellers to the transaction.
- Title Search examination.
Our attorneys conduct a detailed review of the abstract to ensure title to the subject property is merchantable. This examination also identifies the actions necessary to ensure title insurance can be issued at closing.
- Title Commitment is prepared and issued to Lender.
This commitment is our conditional promise to issue a title insurance policy after the closing. This document identifies the requirements and exceptions to the title policy which are necessary to facilitate the closing. It includes any curative title work discovered during the title examination.
- Payoffs obtained.
Our team obtains all payoffs for liens, mortgages, or other encumbrances effecting the subject property and begins to draft any ancillary documents necessary for the closing.
- Preparation for closing.
Once the lender has cleared the transaction for closing, our team receives the loan documents to review and prepare for signature. The documents prepared at this stage also list the complete financial details of the transaction, as well as all documents required to legally transfer title to the buyers.
- Closing, funding and disbursement.
Closings take place at one of our convenient locations, where the parties execute the closing documents, funding authorization is obtained from the lender, and our team disburses funds in accordance with the settlement statement and lender’s instructions.
After closing, certain original documents are required to be recorded in the public records of the parish where the property is located, which our team ensures takes place in a timely fashion.
“Title insurance” is simply an insurance contract, whereby an underwriter guarantees to pay defense costs and certain types of losses such as liens, claims or encumbrances that challenge “marketable” title to property.
Title Insurance is unique in the world of insurance, for it is based largely upon a search of the public records of interests in real property to ascertain pre-existing defects. This insurance protects buyers from financial loss if there are defects found on title.