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FREQUENTLY ASKED QUESTIONS
WHAT DOES METRO TITLE GROUP DO?
We gather, verify and coordinate information to ensure that when we transfer property and money in a real estate transaction,
all parties’ interests are handled with special attention. We start our process with an Abstract of Title – the
title research on the property being transferred. This legal research determines the previous and current ownership of the
property and the open encumbrances (mortgages, judgments, liens) as recorded in the Clerk of Court’s public records.
Sometimes this research reveals title issues that need to be cleared up before a real estate transaction can occur. We verify
insurance information, solicit payoff amounts on open mortgages, or judgments and collaborate with lenders in order to carry
out their loan closing instructions to execute their mortgage package. If the transaction also transfers ownership, we draft
the necessary documents for the conveyance of property to occur. We prepare a HUD-1 Settlement Statement that itemizes and
discloses the monetary part of the transaction. The closing takes place at our office where all required documents are executed
and notarized and the proceeds of the transaction are disbursed.
AN ABSTRACT OF TITLE WAS DONE WHEN I PURCHASED THE PROPERTY. WHY IS ANOTHER ONE BEING DONE FOR MY REFINANCE?
Every time a real estate transaction occurs, new title research must be conducted in order to determine the current ownership
of the property. Also, an updated status as to the number of encumbrances against the property must be determined. These
factors, as well as the current property tax, can change and must be determined in order to issue the required title insurance
policy.
WHAT IS TITLE INSURANCE? WHO DOES IS PROTECT?
There are two types of title insurance. One type of insurance (a mortgagee policy) protects your lender and is usually required.
The one-time-only premium for this mortgagee policy protects the lender for the unpaid balance. This policy, however, does
not provide any protection to the homeowner against title issues or claims.
The other title insurance, the owner’s policy, protects you as a property owner. Although not required, an owner’s
policy provides beneficial coverage for you and your home and can usually be acquired at a substantially reduced price if
purchased simultaneously with a mortgagee policy when the property is purchased. An owner’s policy can protect you from
“hidden” risks or defects that are not discovered in the abstract of title. A “marital interest”
or inheritance claim or one for invalid or forged deeds are some of the hidden risks that could emerge. Also, undiscovered
judgments or lien claims against the property could arise. Your owner’s policy gives you protection and peace of mind
regarding your ownership by minimizing your exposure to title risks and covering any loss that might arise. This insurance
could even pay for the legal costs associated with clearing these title issue.
CAN I “SHOP AROUND” TO FIND A BETTER DEAL ON MY TITLE INSURANCE?
Not really. Title insurance rates in Louisiana are regulated by the state’s insurance commission and will not vary from
one title company to another. However, slight variations in a title insurance quote can occur if a lower degree of coverage
is offered. Premium amounts are based upon the purchase price and loan amount of the mortgage.
WHAT IS A SETTLEMENT STATEMENT? WHAT IS SHOWN ON IT?
A HUD-1 Settlement Statement is a government-regulated form provided by the title company (closing agent) that itemizes all
fees and charges for the buyer and seller and gives full disclosure of all monies involved in a real estate transaction.
Some of these fees and charges might include: contract purchase price, agent commissions, lender fees for the loan, insurance,
title company charges, abstract of title, property taxes, surveys, and recordation fees. The settlement statement outlines
your debits and credits and provides each party with a “bottom line” figure. For a more detailed description
of the HUD-1 Settlement Statement see this link.
WHAT DO I BRING TO THE CLOSING?
Be sure to bring your driver’s license or other legal identification to the closing. You might be asked to bring your
Social Security Card as an additional form of identification.
If you are required to bring any money to the closing for the real estate transaction, be sure to get that amount prior to
going to the closing. If the amount you are required to bring is over $2,500.00, that amount must be in certified funds via
a money order, cashier’s check, or a certified check from your bank. By law, a personal check cannot be accepted for
funds over $2,500.00. Also, checks drawn off a money market account are not acceptable.
If a termite inspection of the property was done and you have an original certificate of that inspection, please be sure to
bring that.
Sometimes lenders require the borrower to bring bank statements or other proof of funds. You will be advised if these things
are necessary.
Also, please be sure to be on time. Sometimes closings can run long and affect the day’s schedule of events. Being
on time helps ensure everything runs smoothly.
HOW DO I GET TO YOUR OFFICE?
Directions to our office can be found here.
WHAT IS A HOMESTEAD EXEMPTION? WHAT DO I HAVE TO DO TO GET IT?
A properly filed Homestead Exemption reduces the amount of money homeowners must pay for their annual property taxes. The
homestead exemption of each Parish varies, but filing for one can save hundreds of dollars. Property owners are allowed only
one homestead exemption – for their primary residence. Homestead Exemptions on investment property are not allowed.
To file for the homestead exemption, bring a copy of the recorded Act of Sale where you acquired your home to your Tax Assessor’s
Office. Filing for the exemption is done in person the first time. Either you or your spouse can do it – it is not
necessary for both of you to be there. Each year thereafter, a postcard is mailed to your home for renewal.
The Jefferson Parish Tax Assessor’s Office (504-362-4100) is located at the Jefferson Parish Courthouse, New Government
Center at 200 Derbigny Street, Gretna, LA, on the first floor in Suite 1100. Millage information for the Jefferson Parish
ad valorem property taxes can be found here.
For Orleans Parish Assessors, please see this link (temporarily broken) for a list of phone numbers for the Assessor of your
Municipal District Ward.
The Plaquemines Parish Assessor’s Office (504-297-5250) is located at 106 Avenue “G”, Belle Chasse, LA,
70037.
I’M NEW TO THE AREA. WHAT ARE SOME PHONE NUMBERS FOR LOCAL UTILITY COMPANIES?
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Entergy (Electricity)
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1-800-368-3749
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BellSouth (Telephone)
BellSouth (Internet)
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1-888-757-6500
1-888-321-2375
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Cox Cable (Cable TV, Telephone, Internet)
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(504) 344-8444
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Water Department (Jefferson Parish)
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Water Department (Orleans Parish)
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(504) 529-2837
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Water Department (Plaquemines Parish)
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(504) 297-5380
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Atmos Entergy Louisiana (Natural Gas)
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(504) 849-4300
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LA Driver's License
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(504) 485-2301 or 1-877-368-5463
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Jefferson Parish Registrar of Voters
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(504) 349-5690
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Voter Registration (Orleans Parish)
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(504) 658-8300 City Hall
(504) 658-0195 Algiers
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Voter Registration (Plaquemines Parish)
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(504) 564-6962
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