Information We Need in Advance

Congratulations on successfully negotiating your real estate transaction. In order to complete the process, we will need the following information to prepare for your closing:

For the Buyer:

  1. Send a copy of an executed contract to your lender and to us. You may fax it to: (504) 828-1555.
  2. When deciding whether you want to order a land survey, consider the following:
    • Does your lender require it?
    • Does the contract address this issue?

In most instances, a survey is recommended whether or not your lender requires it. Your title insurance company may place limitations on its coverage if you do not have a survey. For more information on the importance of surveys, please click here.

  1. Anticipate how much money you will need to bring to your closing, and contact Actual Title on the day prior to the closing to confirm the amount needed. If the amount you owe is $2,500 or more remember that you must bring certified funds.
  2. Plan to purchase owner’s title insurance in addition to lender’s title insurance, to protect the equity you have in your property. For more information on the importance of owner’s title insurance, please click here.

The closing will take approximately one hour. If you have prepared for closing after reviewing the information on this site and there are no problems with the loan, your closing may take much less time. It is important to be ready for your closing as failure to prepare can significantly delay your closing.

If you are the buyer you will need to bring:

  1. A photo ID.
  2. Certified funds. This form of payment is the most preferable and reliable. Please bring your checkbook to pay additional amounts if the certified check is less than what is due.
  3. If you cannot bring certified funds, and you must wire your money, wire at least twenty-four hours in advance of your closing. Once the wire has been sent, it often takes a full day before it is confirmed in our bank account. Without the funds, we cannot close your loan. To obtain the wire transfer instructions, please call us at (504) 828-1600.
  4. If you are signing on behalf of an absent buyer, bring the original Power of Attorney. For additional information, please review If You Cannot Attend your Closing under Power of Attorney.
  5. Bring homeowner’s and flood insurance policies and paid receipt or an invoice so we may mail the payment.
  6. Bring Purchase Agreement with all attachments/exhibits and addendum fully executed with original signatures, for closing attorney’s file.
  7. Provide a way to contact your loan officer if questions arise.
  8. All documents required by your lender as a condition to close should be brought to closing and/or evidence that you have provided these documents to your lender prior to closing.
  9. We recommend you bring the originals of anything you have previously faxed to your lender.

CLOSING USING A POWER OF ATTORNEY

Sometimes it’s hard to get the buyer(s), seller(s), agents and the lender together for the closing. Emergencies and last minute problems can sidetrack the most well planned closing. If you can’t attend your closing, you must execute a Power of Attorney which is a written document authorizing another person to act as your agent and sign on your behalf.

If you think you may not be able to attend the closing, call us immediately. If you are a borrower, we will need to make sure your lender will accept a valid Power of Attorney on their loan documents. We can prepare a Power of Attorney on behalf of the lender for you to review. A Power of Attorney to transfer real property must be specific to the property, referring to the property particularly. Furthermore, the Power of Attorney must be witnessed and notarized. Of course, the witness is not allowed to notarize the document, and neither can be a party to the transaction or a designated agent.

Once the document is fully executed you should fax a copy to us so that we can insure it was properly executed. You must bring the original Power of Attorney to the closing. Please make yourself available for phone calls during the closing in the event we need to speak with you.

WHY YOU NEED A SURVEY

In the past, lenders most often required a survey of the property as a requirement of obtaining the loan. Today, most lenders no longer require the purchaser to get a survey. However, even if your lender does not require it, you may want to purchase a survey because of the many benefits it offers.

A survey is a map of your property, showing precisely where your house lies within the property boundaries, as well as easements, other encumbrances, set back lines, and building lines. A survey will reveal whether the property is in violation of any parish requirements or PUD restrictions and whether there are any encroachments on the property. Surveys are prepared by professional, licensed surveyors pursuant to industry standards.

Sometimes purchasers mistakenly believe that since they are buying new construction there will not be any encroachment issues. Builders often unwittingly create driveway encroachments during construction that are revealed by a survey. Building setback violations are also frequently caused by builders and exposed with a survey.

Even if your subdivision plat is recorded at the parish courthouse, you still need a survey. The subdivision plat only shows the boundary lines of the lots and the placement of setbacks and easements. It does not display the boundary lines of your house on your lot.

Purchasers of fee simple townhouses sometimes incorrectly assume that a survey is not necessary, however; townhouses can just as easily be built in violation of setback requirements or encroaching upon easements.

It is also important to note that a survey conducted for the seller at the time the seller purchased the property is not a protection for a subsequent purchaser. A purchaser must have his or her own survey conducted.

If you are planning to purchase owner’s title insurance, your policy will offer more extensive coverage if you have a survey. Generally, title insurance companies do not insure against matters that would be disclosed on a survey. If you purchase a survey, your title insurance company will usually insure that the survey is correct.

If you want a survey prepared, you should make arrangements for the survey immediately so that the survey can be completed and reviewed before your closing. This allows time to address any problems, pursuant to your contract with the seller, a survey might reveal. If you would like a list of surveyors in your area, please contact us via phone or email.

TYPES OF CERTIFIED FUNDS

Certified Checks
A certified check is the written acceptance for a specific check (essentially an acknowledgment), by the Bank, that the Bank’s Customer’s signature on that check is (1) genuine and (2) there are sufficient funds in the Customer’s account to honor the check when it is properly presented for payment. The check is signed by both the Customer and the Bank.

Under the UCC, both the Bank and its Customer may be liable for the payment. (UCC Sec. 3409 (d)). If there is a problem with the certified check, you would probably be required to seek remedies in a lawsuit against both the Bank and the Customer.

A Bank may impose conditions upon its certification (e.g., “Void after 60 days”). If the check has been certified by mistake or obtained by fraud, the Bank may correct its error by canceling the certification and notifying you (the “payee”), if you have not already acted “in reliance” on the certified check.

Such reliance, for example, would arise if you had shipped goods because you relied on the check. One problem with a “certified” check is potential forgery. The Bank is not obligated to pay on a forged certification.

Cashier’s Checks
A cashier’s check is a draft drawn by a Bank on itself, which the Bank agrees to honor when properly presented for payment. The Bank, not its customer, signs the check. (UCC Sec. 3104(3) (g)). This means that the Bank is liable to pay the check. Theoretically, the Bank has set aside funds from the Customer’s account to reimburse itself when the check is presented for payment by the payee. In contrast to the certified check, you could seek remedies immediately and directly against the Bank if there is a problem with the payment of the cashier’s check.

If either type of check is lost, destroyed or stolen, the Bank may require a bond or another security before reissuing the check. The Bank also may refuse to honor either type of check if there are material alterations (raising or lowering the amount, changing names or dates). Otherwise the Bank must pay the check when it is presented for payment in its unaltered original form. (UCC Sec. 3412).

Under certain circumstances, for example, the lack of a proper endorsement by the payee, the Bank may refuse to honor either type of check. Although it is not obligated to do so, the Bank may decide to honor a Customer’s request for a stop payment on either type of check. However, the Bank does so at its own risk and, particularly for a cashiers check, it may be liable for damages for wrongful dishonor. (UCC Sec. 3411 (b)).

Information We Need in Advance

Congratulations on successfully negotiating your real estate transaction. In order to complete the process, we will need the following information to prepare for your closing:

For the Seller:

  1. Provide us with a copy of your pay-off information on any and all loans secured by your property, including:
    1. loan account number;
    2. lender’s name, address and telephone number;
    3. copy of payment coupon or most recent account statement;
    4. if readily available, a copy of the first page of your security deed.
  2. Anticipate in advance any possible problems regarding outstanding tax bills or liens on your property.
  3. If you are a party in a divorce proceeding or other legal action, please advise us in advance.
  4. If applicable, please provide all relevant information regarding your condominium or other association, including contact persons, fees, and a mailing address.

The closing will take approximately one hour. If you have prepared for closing after reviewing the information on this site and there are no problems with the loan, your closing may take much less time. It is important to be ready for your closing as failure to prepare can significantly delay your closing.

If you are the seller you will need to bring:

  1. A photo ID, such as a driver’s license or valid passport.
  2. If you are executing documents on behalf of a corporation, a Corporate resolution. If you are signing for a Limited Liability Corporation (LLC), you will need the LLC certificate of authority, and a copy of your LLC Operating agreement.
  3. If you are signing on behalf of an absent seller, bring the original Power of Attorney. For additional information, please review Closing Using A Power of Attorney under Power of Attorney.
  4. Bring all keys, home warranty documents, garage door openers.

CLOSING USING A POWER OF ATTORNEY

Sometimes it’s hard to get the buyer(s), seller(s), agents and the lender together for the closing. Emergencies and last minute problems can sidetrack the most well planned closing. If you can’t attend your closing, you must execute a Power of Attorney which is a written document authorizing another person to act as your agent and sign on your behalf.

If you think you may not be able to attend the closing, call us immediately. If you are a borrower, we will need to make sure your lender will accept a valid Power of Attorney on their loan documents. We can prepare a Power of Attorney on behalf of the lender for you to review. A Power of Attorney to transfer real property must be specific to the property, referring to the property particularly. Furthermore, the Power of Attorney must be witnessed and notarized. Of course, the witness is not allowed to notarize the document, and neither can be a party to the transaction or a designated agent.

Once the document is fully executed you should fax a copy to us so that we can insure it was properly executed. You must bring the original Power of Attorney to the closing. Please make yourself available for phone calls during the closing in the event we need to speak with you.

WHY YOU NEED A SURVEY

In the past, lenders most often required a survey of the property as a requirement of obtaining the loan. Today, most lenders no longer require the purchaser to get a survey. However, even if your lender does not require it, you may want to purchase a survey because of the many benefits it offers.

A survey is a map of your property, showing precisely where your house lies within the property boundaries, as well as easements, other encumbrances, set back lines, and building lines. A survey will reveal whether the property is in violation of any parish requirements or PUD restrictions and whether there are any encroachments on the property. Surveys are prepared by professional, licensed surveyors pursuant to industry standards.

Sometimes purchasers mistakenly believe that since they are buying new construction there will not be any encroachment issues. Builders often unwittingly create driveway encroachments during construction that are revealed by a survey. Building setback violations are also frequently caused by builders and exposed with a survey.

Even if your subdivision plat is recorded at the parish courthouse, you still need a survey. The subdivision plat only shows the boundary lines of the lots and the placement of setbacks and easements. It does not display the boundary lines of your house on your lot.

Purchasers of fee simple townhouses sometimes incorrectly assume that a survey is not necessary, however; townhouses can just as easily be built in violation of setback requirements or encroaching upon easements.

It is also important to note that a survey conducted for the seller at the time the seller purchased the property is not a protection for a subsequent purchaser. A purchaser must have his or her own survey conducted.

If you are planning to purchase owner’s title insurance, your policy will offer more extensive coverage if you have a survey. Generally, title insurance companies do not insure against matters that would be disclosed on a survey. If you purchase a survey, your title insurance company will usually insure that the survey is correct.

If you want a survey prepared, you should make arrangements for the survey immediately so that the survey can be completed and reviewed before your closing. This allows time to address any problems, pursuant to your contract with the seller, a survey might reveal. If you would like a list of surveyors in your area, please contact us via phone or email.

TYPES OF CERTIFIED FUNDS

Certified Checks
A certified check is the written acceptance for a specific check (essentially an acknowledgment), by the Bank, that the Bank’s Customer’s signature on that check is (1) genuine and (2) there are sufficient funds in the Customer’s account to honor the check when it is properly presented for payment. The check is signed by both the Customer and the Bank.

Under the UCC, both the Bank and its Customer may be liable for the payment. (UCC Sec. 3409 (d)). If there is a problem with the certified check, you would probably be required to seek remedies in a lawsuit against both the Bank and the Customer.

A Bank may impose conditions upon its certification (e.g., “Void after 60 days”). If the check has been certified by mistake or obtained by fraud, the Bank may correct its error by canceling the certification and notifying you (the “payee”), if you have not already acted “in reliance” on the certified check.

Such reliance, for example, would arise if you had shipped goods because you relied on the check. One problem with a “certified” check is potential forgery. The Bank is not obligated to pay on a forged certification.

Cashier’s Checks
A cashier’s check is a draft drawn by a Bank on itself, which the Bank agrees to honor when properly presented for payment. The Bank, not its customer, signs the check. (UCC Sec. 3104(3) (g)). This means that the Bank is liable to pay the check. Theoretically, the Bank has set aside funds from the Customer’s account to reimburse itself when the check is presented for payment by the payee. In contrast to the certified check, you could seek remedies immediately and directly against the Bank if there is a problem with the payment of the cashier’s check.

If either type of check is lost, destroyed or stolen, the Bank may require a bond or another security before reissuing the check. The Bank also may refuse to honor either type of check if there are material alterations (raising or lowering the amount, changing names or dates). Otherwise the Bank must pay the check when it is presented for payment in its unaltered original form. (UCC Sec. 3412).

Under certain circumstances, for example, the lack of a proper endorsement by the payee, the Bank may refuse to honor either type of check. Although it is not obligated to do so, the Bank may decide to honor a Customer’s request for a stop payment on either type of check. However, the Bank does so at its own risk and, particularly for a cashiers check, it may be liable for damages for wrongful dishonor. (UCC Sec. 3411 (b)).