I just bought an Ae lower third but when I import it to premiere it will not give me the option to edit text. I saw couple tutorials and I am not sure if i need to enable something in premiere or the template that I bought is not compatible with premiere.

I think you might have to edit it in After Effects itself?

Can you provide a link to the lower 3rd?

Here is the link

After Effects Project Files - Simple Corporate Lower Third | VideoHive (http://videohive.net/item/simple-corporate-lower-third/1259445?WT.oss_phrase=Simple%20Corporate%20Lower%20Third&WT.oss_rank=1&WT.z_author=yeremia&WT.ac=search_list)

Yes those are AE files.
You cannot edit these in Premiere. They are not Live text files.
Load them up in AE,change them how you want them.
Render them out to use in Premiere.

Thank you guys for your help.
I research it a bit more and found out that it can be work out.

Here is a video that explain how it works, https://helpx.adobe.com/after-effects/how-to/create-animated-text-titles.html

If you get an AE template, all you need is to do is enable premiere pro in the composition setting in the advanced tab. once you do it, you will be able to import the file to premiere and edit the text.