513 Brashear Ave., Morgan City, LA 70380

Phone: 985-385-1689  /  Fax: 985-385-1690

What Should I Bring to my Closing?

Many people falsely believe the closing process is one involving much frustration. That simply isn't true. Buyers will have lots and lots a papers to sign, but at Guaranteed Title, we make the process as easy as pie!

Signing Check

Cashier's Check

Prior to closing, we will let the buyer know how much (if any) cash you will beed to bring. This will need to be in the form of a cashier's check made payable to Guaranteed Title, LLC.

Sellers should bring the buyer's deposit check to closing. If you have a realtor, he/she will take care of this.

Online Shopping

Photo Identification

This may be in the form of a driver's license or a passport. Neither form of identification can be expired. Buyers and sellers need a form of photo identification.

Outdoor Wedding Shoot

Your Spouse

If you are married, your spouse will be required to also sign documents whether or not your are purchasing separately.

Important Terms for Buyers / Sellers

ABSTRACT

An abbreviation of the cardinal aspects of all recorded deeds, mortgages, leases and other instruments affecting the title to a particular piece of land.

CLOSING DISCLOSURE (CD) / CLOSING STATEMENT / HUD

The Closing Disclosure must be provided to the consumer three business days before they close on the loan. The Closing Disclosure details all of the costs associated with their mortgage transaction.A summation, in the form of a balance sheet, made at a closing, showing the amounts of debits and credits to which each party to a real estate transaction is entitled.

DEED

A written document by which title to real estate is conveyed from one party to another.

ESCROW

Technically, this term strictly refers to a deed delivered to a third person to be held by him until the fulfillment or performance of some act or condition by the grantee. In the title industry, it means the depositing with an impartial third party (typically an escrow agent or title company) of anything pertaining to a real estate transaction including money and documents of all kinds. The money and documents are to be disbursed and delivered to the rightful parties by the escrow agent or title company when all conditions of the transaction have been met.

LENDER LOAN POLICY

A policy of title insurance issued to the mortgage lender insuring against loss by defects in, liens against, or unmarketability of title.

MORTGAGE

A temporary conditional pledge of property to a creditor as security for the payment of a debt that may be cancelled by payment.

OWNERS TITLE POLICY

This policy is purchased for a one-time fee and protects a homeowner’s investment in a property for as long as they or their heirs have an interest in the property. Only an owner’s policy protects the buyer should a covered title problem arise with the title that was not found during the title search. Possible hidden title problems can include errors or omissions in deeds, mistakes in examining records, forgery and undisclosed heirs.

PREMIUM

The amount payable for an insurance policy.

PROMISSORY NOTES

A written promise to pay or repay a specified sum of money at a stated time, or on demand, to a named person. In addition to the payment of principal, a promissory note usually provides for the payment of interest.

SETTLEMENT

In some areas called a “closing.” The process of completing a real estate transaction during which deeds, mortgages, leases and other required instruments are signed and/or delivered, an accounting between the parties is made, the money is disbursed, the papers are recorded, and all other details such as payment of outstanding liens and transfer of hazard insurance policies are attended to.

SIMULTANEOUS ISSUE

When referring to title insurance, the simultaneous issue rate is the reduced rate for a loan policy or owner’s policy issued on the same property or loan at the same time as another policy. The term usually refers to a loan policy issued at the same time as an owner’s policy when a property is purchased.

TITLE

(1) A combination of all the elements that constitute the highest legal right to own, possess, use, control, enjoy, and dispose of real estate or an inheritable right or interest therein. (2) The rights of ownership recognized and protected by the law.

TITLE COMMITMENT

(1) Any possible or patent claim or right outstanding in a chain of title that is adverse to the claim of ownership. (2) Any material irregularity in the execution or effect of an instrument in the chain of title.

TITLE DEFECT

An offer to issue a title insurance policy. The title commitment will describe the various conditions, exclusions and exceptions that will apply to that particular policy.

TITLE EXAMINATION

To peruse and study the instruments in a chain of title and to determine their effect and condition in order to reach a conclusion as to the status of the title.

TITLE INSURANCE

Is insurance that protects purchasers of real estate and mortgages against loss from defective titles, liens and encumbrances.

VESTING

How ownership of title is taken. Common methods of holding title include sole ownership (such as a single man or woman) or co-ownership (such as community property, community property with right of survivorship, joint tenancy or tenancy in common). How title is vested has important legal consequences and tax consequences.  The tax consequences may be different for same sex legally related couples.  You may wish to consult an attorney or tax advisor to determine the most advantageous form of ownership for your particular situation.