Louisiana Cancelation of Erroneous Deed
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How to fill out Cancelation Of Erroneous Deed?
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FAQ
A bond for deed is a type of property purchase agreement. The buyer agrees to purchase the property from the seller by paying in installments. The deed, or legal ownership, of the property is then transferred to the buyer upon full payment. It is also sometimes known as a contract for deed.
§ 2941. " A bond for deed is a contract to sell real property, in which the purchase price is to be paid by the buyer to the seller in installments and in which the seller after payment of a stipulated sum agrees to deliver title to the buyer.
The most common form of transferring property ownership in Louisiana is done via a voluntary contract through the owner, also known as the seller, and the transferee, also known as the buyer. Real estate ownership is transferred using a valid contract, also known as an authentic act.
In the case of a bond for deed, "cancel" describes a formal legal process. The seller will have to ask the Clerk of Court to make an entry in the Mortgage and Conveyance Records that reflects that the contract is no longer effective; it is "cancelled".
