Episode 4: Buyers-GFD, Escrow, & Title Companies
Summary
In this conversation, Ben and Clint discuss the nuances of real estate transactions, focusing on the differences between good faith deposits and escrows, the roles of title companies and real estate attorneys, and the specific practices in Louisiana. They emphasize the importance of understanding these concepts for anyone involved in real estate transactions, whether buying or selling a property.
Takeaways
· A good faith deposit indicates serious intent to purchase a property.
· In Louisiana, good faith deposits can be returned under specific contingencies.
· Escrows are non-refundable if the buyer does not proceed with the purchase.
· Title companies and real estate attorneys serve crucial roles in property transactions.
· In Louisiana, real estate transactions are typically handled by attorneys rather than title companies.
· The lender primarily pays for the services of title companies or closing attorneys.
· Understanding local real estate practices is essential for buyers and sellers.
· Title issues can complicate transactions, especially with inherited properties.
· Effective communication with a realtor can streamline the buying process.
· The podcast aims to inform listeners about real estate practices and help them navigate their transactions.
Sound Bites
"In Louisiana, we typically have a good faith deposit."
"Real estate is specific to 50 different states."
"We're here to bring you the facts."
Chapters
Hosts
Ben Harang, REALTOR®
La. License #: 36589
Keller Williams Realty Bayou Partners
Mobile: 985.859.2500
Office: 985.262.4400
benharang.com
Clint C. Galliano, REALTOR®
La. License #: 995704723
Keller Williams Realty Bayou Partners
Mobile: 985.647.4479
Office: 985.262.4400
clintcgallianorealtor.com
Creators and Guests
Host
Ben Harang
Ben Harang brings over 30 years of experience as a licensed agent and currently works with Keller Williams Realty Bayou Partners. Ben’s experience includes single family residential sales, large land sales, subdivision development, building new construction residential and commercial projects and selling REO/Foreclosed properties.
Host
Clint C. Galliano
Clint Galliano, who’s been an agent since 2020 & an investor since 2008, also with Keller Williams Realty Bayou Partners. Clint’s experience includes residential sales, residential rentals, property management, and various avenues of investing.
