A home purchase, new or old, can be a lifelong dream for those making the purchase. Real estate attorneys see the purchase of a house as a simple transfer of ownership, and this is reflected by the terminology they use when describing the parties involved. Even the most simple topics can seem complicated due to
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What is mortgage underwriting? The underwriting process is used by lenders to decide whether or not to approve your application. Before underwriting your application, a loan agent or broker will collect credit and financial data. Mortgage underwriting departments at lenders verify your identity and credit history, and evaluate your financial status, including income, cash reserves
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Sometimes, when purchasing a home, a buyer will discover that there is an easement on the property. Property easements are legal situations in which a landowner retains the title of a piece of property, but gives another person or entity the right to use it for a different purpose. Land easements do not affect your
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In Louisiana, when a person passes away without having a valid Will and Testament, it is considered that they have passed away intestate. That person’s estate will be handled by intestate succession. The assets of the deceased will be divided according to Louisiana’s intestate laws. Note: Louisiana’s intestate laws are very mechanical. This law does
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Planning on purchasing a home soon? If so, you’ll need to become familiar with the real estate terms “title” and “deed”. The title and deed are transferred when a seller, also known as the grantor, transfers ownership of a home to a buyer, also known as the grantee. The title and the deed are not
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If you do not repay a loan or credit card, a lien gives the lender or creditor the right to take your assets or property. You may be familiar with the term lien if you are a homeowner who has a mortgage. A lien is a legal claim that gives a creditor or lender the
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You may encounter many terms when buying a house that you are not familiar with. In this process, it is crucial to understand what your realtor, loan officer and contracts are saying. Here are some closing terms you might encounter when buying a house to help you understand them. Underwriting Underwriting is a process by
Real Estate Closing Terms to Know Read More »
You’ll hear “escrow” in many different contexts when you’re buying a house. This can be confusing for many homebuyers. We’ll look at escrow, its benefits and how to use it as a buyer, seller, or homeowner. What is escrow? Escrow, a legal arrangement where a third-party temporarily holds money or other property until certain conditions
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Starting a nonprofit offers philanthropic-hearted individuals many benefits, including more credibility, donors and grants. It is not for everyone. This guide will help you decide if a nonprofit is the right choice for you. It will also explain the different types of 501(c), the best designations to use, and how to form your nonprofit. Learn
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Legacy isn’t just about wealth. It’s the footprint we leave, a testament to our life’s work, values, and the love for our family. It’s about making sure that when we’re not around, we continue to provide for and protect the ones we hold dear. It’s a concept rich with emotion and importance, resonating through generations.
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