Title Abstract and Exam.
An abstract of title is a detailed history of a particular property. The abstractor researches the property's ownership
for the last 30-50 years. They note and copy each transaction on the property. This will include all conveyances of
the property, mortgages placed on the property, liens, judgments, bond forfeitures, tax sales, and any other encumbrances
that may have occurred.
The examination of the abstract determines if the conveyances were properly executed and included the correct legal description; if old mortgages, liens, judgments, etc are cancelled or still valid against the property, what actions need to be taken in order to convey good merchantable title to the property.
Title Insurance.
Title insurance can be issued to insure your property against forged deeds, mortgages, deeds signed by persons who are
deemed incompetent, undisclosed divorce of one who conveys the property as the sole owner, judgments and liens and many
other title problems that can surface after the purchase of your home.
Bond for Deed.
A Bond for Deed is an agreement to purchase a property on a future date, while making payments on the property from now
until then...during that time frame. The purchaser and seller agree on a sales price, monthly payments, interest rate, and
the future date the sale is to take place. There are many ways to structure a Bond for Deed. Please contact us for an
appointment if you are considering buying OR selling property using this method. There are many things to know before you
enter into this type of transaction.
Donation.
Property that is donated for various reasons. Before you sign a donation, be sure to have talked with a CPA about the
possible consequences of donating or receiving donated property.
Credit Sale/Vendor's Lien.
This type of transaction facilitates an owner financed sale. No bank or mortgage company is directly involved in the
financing of your purchase.
Cash Sale.
A cash sale is a transaction wherein the entire purchase price and closing costs are paid in full at the closing table
by the purchaser.
1031 Exchange.
This is a tax deferred method of purchasing or selling a property. Section 1031 of the IRS tax code authorizes this type
of transaction.
FIRST TITLE CORP of St. Tammany © 2010ce,
http://www.firsttitlerealestate.com
1379 Corporate Square, Slidell, La 70458
TEL. [985] 643-2100, FAX [985] 645-9148
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