Big River Title

Some Common Questions

What is a closing?
When you buy property, or you borrow money using your property as security, the lender will schedule a closing. The closing is the time and date you will sign all the papers for your transaction. In Louisiana, when all documents are signed, funds are transferred at that time. Louisiana law requires all parties bring certified funds to the table.

Why do I need the services of a title company?
When you mortgage, refinance or purchase property, a title company examines the history of the property you are purchasing, and insures the title with a policy of title insurance. Many lenders require title insurance in order to approve your loan. Title companies can also provide the owner with a policy of title insurance. This is a one time payment that will protect the borrower or buyer for as long as the property is owned. See our page on title insurance for more information.

Why do I need an appraisal?
The lender needs to know that the property supports the amount being borrowed. The lender usually orders the appraisal. The borrower has a right to a copy of the appraisal, and may receive one at the closing. If not, the lender will include information on how the borrower obtains a copy of the appraisal.

When do I call the title company?
If the purchase agreement gives you the right to choose the closing agent, make sure your lender knows you want Big River Title to do your closing. The lender will contact us, and send a copy of the accepted purchase agreement. We are available to provide whatever your lender may need to assure a smooth transaction. If you are refinancing ask the lender to send us the closing. We will be glad to provide them with any information they need to assist you.

Do I need a Wood Destroying Insect Report?
You may. Some purchase agreements contain a requirement that the seller provide the report, which must be dated no more than 30 days before the closing. If the report indicates live infestation, then you should contact your lender right away. The lender may require a structural inspection, as well as treatment. Some loans require all outer buildings, as well as the home itself, be inspected and treated.

What do I do with the Wood Destroying Insect Report?
Bring it to the closing. The original needs to be signed by all parties.

When should I close?
If you are being charged a per day rate on the loan, close as close to the end of the month as possible.

What items will I need at the closing?
A picture ID, and any documents required by the lender.

What is a HUD-1Settlement Statement?
It is a federal form that summarizes the transaction, and itemizes all costs. You will receive a settlement statement for signature at your closing.