Residential Real Estate
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Louisiana Residential Real Estate
Americans are quick to realize that their homes are often their biggest single investments in life. Accordingly, it stands to reason that homeowners tend to vigilantly safeguard this asset and become serious about decisions that potentially impact its value adversely. In buying and selling transactions with regard to residential real estate, many Louisiana homeowners find that the decision to partner with a realtor and residential real estate lawyer dramatically and markedly helps them to smoothly navigate the real estate process and hopefully maximize their return on this large investment.
Mechanics of a Louisiana Residential Real Estate Transaction
Residential real estate transactions entail a detailed, tedious process leading up to closing. And sometimes matters arise even after closing that are potentially worthy of litigation. The multiple steps involved to bring the transaction to fruition require thoroughness, completeness, and working well in advance of deadlines to provide sufficient time to correct any issues or problems that may arise unexpectedly along the journey. The residential real estate buying and selling process is localized and can vary from one jurisdiction to another, as the practice is state-specific. Thus, it is smart, as a general principle, to consult with a local residential real estate attorney about jurisdiction-specific questions, particularly in relation to required documentation and filings.
In Louisiana, home sellers and buyers can anticipate having to undertake the following stages in a typical residential real estate transaction:
- Execution of land sales contract: The first stage in a residential real estate transaction in Louisiana involves the buyer and seller signing a written land sales contract to complete the buy-sell transaction.
- Title search and financing: The buyer is then allotted a short period of time to conduct a title search on the subject property and to obtain financing from a mortgage lender, if necessary.
- Closing: The next step is to conduct a closing. In Louisiana residential real estate closings, a real estate deed passes ownership from the seller to the buyer. The buyer pays the seller the agreed-upon purchase price, and the seller tenders the deed, keys, and legal ownership of the property to the buyer.
- Recordation of deed: The last step in the process is the recordation of the real estate deed by the buyer or his representative, who usually is a Louisiana-based residential real estate lawyer.
Fiscally Conservative Louisiana Residents Prefer Fixed Mortgage Rates and Long-Term Mortgage Loans
According to Randy Rosetta's November 2011 Baton Rouge Business Report entitled "At any rate," the South is a conservative region fiscally. In the estimation of some realtors, Louisiana is more financially risk-averse than other parts of the United States. For example, when it comes to home buying, the South's conservatism is displayed in an acutely pronounced manner.
The 30-year fixed-rate mortgage has decreased in demand and popularity in other states across the country in recent years. However, this is not true in Louisiana, where residents continue to cling tightly to this tried and true, familiar go-to. Louisiana residents did not jump on the trendy bandwagon of adjustable-rate and short-term mortgage vehicles, associated with the housing boom and subsequent bubble bursting. These conservative homeowners refused to believe that after a few years at a low initial rate, their homes' values would be high enough to refi or sell at a gain. Louisiana realtors confirm the popularity of the 30-year fixed mortgage because it has been around for so long, and people feel comfortable with the tool.
Apparently, Louisiana consumers seek stability, and having a low interest rate and low payment spread out over the long term are attractive motivators to the state's residents. This especially holds true in a down-turned economic climate. Experts and industry insiders concur, Louisiana is not going to dump the comfort, familiarity, and assurances of the 30-year fixed mortgage any time soon.
Locate a Local Louisiana Residential Real Estate Lawyer Today
Louisiana residential real estate attorneys can represent your interests pre-sale, during the sale, post-sale, and in the event of subsequent litigation that may arise from the sale and/or purchase of a residential property within the state. They can review, analyze, negotiate, and amend real estate contracts and documents to make sure your best interests are preserved and protected under Louisiana real property and real estate laws. Or, they can help you combat challenges, pitfalls, or problems that might arise along the way in your real estate transaction, such as during the title search process, with property, tax, judgment or other liens, or even repairs needed after a problematic home inspection reveals costly defects. A Louisiana-based residential real estate attorney can assist you in navigating the entire real estate transaction, through all phases and aspects, and work right along side and in tandem with other real estate professionals, such as realtors, home inspectors, appraisers, mortgage lenders, and title examiners. Call now to speak with a residential real estate lawyer in Louisiana at 877-913-7222.