A Bond for Deed is used as owner financing for the purchase of real property. The Seller retains title to the property until an agreed amount is paid. After the agreed amount is paid, the Seller conveys the property to Buyer.
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Louisiana Bond for Deed - Contract for Deed
Baton Rouge Deed
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Louisiana
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LA-00470
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It shall be unlawful to sell by bond for deed contract, any real property which is encumbered by mortgage or privilege without first obtaining a written guarantee from the mortgage and privilege holders to release the property upon payment by the buyer of a stipulated mortgage release price, with which agreement the
A Bond for Deed in the State of Louisiana is a ?Contract to Sell,? between the buyer and seller. In this type of transaction, the seller retains the legal title of property or Deed, while transferring the possession of the immovable property to the buyer, with payments made in installments.
Example of owner financing ?The buyer and seller agree to a purchase price of $175,000. The seller requires a down payment of 15 percent ? $26,250. The seller agrees to finance the outstanding $148,750 at an 8 percent fixed interest rate over a 30-year amortization, with a balloon payment due after five years.?
A transfer of real (immovable) property can be made by authentic act or by an act under private signature duly acknowledged (CC1839 Art. 1839). An authentic act must be executed in the presence of two witnesses, signed by each party executing it, and signed by the notary public and witnesses.
In an owner financing transaction, the seller carries all or part of the purchase price minus the down payment. Florida owner financing, also referred to as creative financing or seller financing, tends to become more frequent when lenders tighten up their lending requirements.
When a sale involves seller financing (also called a vendor take-back mortgage), a seller may own their property outright (i.e. there is no mortgage.) The seller agrees to sell the property to a buyer in exchange for a buyer's monthly payments, including interest ? as opposed to the full purchase price upfront.
?Seller/Owner Will Carry? or ?Seller/Owner Financing? is when the owner of the property is financing the loan for the buyer to purchase the property. This means the current owner of the home owes no money on the property and becomes the lender for the home's buyer.
In order to transfer an immovable, a contract is required between the owner and the transferee purporting to transfer ownership. Transfer of an immovable occurs when filed with the registry office. To transfer a movable there must be a contract between the owner and the transferee purporting to transfer ownership.
When working with a traditional mortgage lender, property taxes and insurance premiums are often rolled into the monthly mortgage payment. With owner financing, the borrower typically pays taxes directly to the relevant agency and insurance premiums to their insurance company.
In Louisiana, a property donation can occur through a will or in executing an Act of Donation. The property records are filed in the property's parish location, where they become public record. When executing an Act of Donation, both parties must appear before a notary.
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Law summary
Bond for Deed - Contract for Deed
Contract for Deed - General - Louisiana
Louisiana State Statutes
TITLE 9. CIVIL CODE ANCILLARIES
CODE BOOK III - OF THE DIFFERENT MODES OF ACQUIRING THE OWNERSHIP OF THINGS
CODE TITLE VII. OF SALE
CHAPTER 2. CONVENTIONAL SALES
PART I. BOND FOR DEED CONTRACTS
9:2941. Bond for deed defined
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.
TITLE 9. CIVIL CODE ANCILLARIES
CODE BOOK III OF THE DIFFERENT MODES OF ACQUIRING THE OWNERSHIP OF THINGS
CODE TITLE VII. OF SALE
CHAPTER 2. CONVENTIONAL SALES
PART I. BOND FOR DEED CONTRACTS
9:2942. Unlawful to sell encumbered real property by bond for deed without guarantee to release on payment
It shall be unlawful to sell by bond for deed contract, any real property which is encumbered by mortgage or privilege without first obtaining a written guarantee from the mortgage and privilege holders to release the property upon payment by the buyer of a stipulated mortgage release price, with which agreement the secured notes shall be identified. The agreement shall be recorded in the mortgage records of the parish where the property is situated before any part of the property is offered for sale under bond for deed contracts. The provisions of this Part likewise shall apply to any property offered for sale by bond for deed contract which may be subsequently mortgaged or encumbered by a privilege.
TITLE 9. CIVIL CODE ANCILLARIES
CODE BOOK III OF THE DIFFERENT MODES OF ACQUIRING THE OWNERSHIP OF THINGS
CODE TITLE VII. OF SALE
CHAPTER 2. CONVENTIONAL SALES
PART I. BOND FOR DEED CONTRACTS
9:2943. Method of payment
All payments by the buyers under bond for deed contracts of property then or thereafter burdened with a mortgage or privilege, shall be made to some bank authorized to do business in this state, which shall have been designated as the escrow agent for all parties interested in the contract. The payments shall be distributed by the escrow agent between the seller and the holder of the mortgage or privilege, in such proportion as the secured obligation shall bear to the purchase price in order to insure the buyer an unencumbered title when all payments have been made as provided in the bond for deed contract.
TITLE 9. CIVIL CODE ANCILLARIES
CODE BOOK III OF THE DIFFERENT MODES OF ACQUIRING THE OWNERSHIP OF THINGS
CODE TITLE VII. OF SALE
CHAPTER 2. CONVENTIONAL SALES
PART I. BOND FOR DEED CONTRACTS
9:2944. Timely payment of installments precludes foreclosure; change of description upon foreclosure
The payment as they fall due of all installments by buyers under bond for deed contracts, shall preclude the holder of any secured notes from foreclosure, but the failure of the buyers to make payments as they fall due, shall secure to the holder of the notes the right to foreclose when the notes become due and are unpaid. In the event of a foreclosure under such circumstances, the description as contained in the act of mortgage may be changed so as to leave unaffected those lots or tracts of land on which payments have been kept up and so as to affect and adjudicate under the foreclosure only such lots as may be in default of payments and other lots not sold under bond for deed contracts.
TITLE 9. CIVIL CODE ANCILLARIES
CODE BOOK III OF THE DIFFERENT MODES OF ACQUIRING THE OWNERSHIP OF THINGS
CODE TITLE VII. OF SALE
CHAPTER 2. CONVENTIONAL SALES
PART I. BOND FOR DEED CONTRACTS
9:2945. Cancellation of bond for deed upon default
A. If the buyer under a bond for deed contract shall fail to make the payments in accordance with its terms and conditions, the seller, at his option, may have the bond for deed cancelled by proper registry in the conveyance records, provided he has first caused the escrow agent to serve notice upon the buyer, by registered or certified mail, return receipt requested, at his last known address, that unless payment is made as provided in the bond for deed within forty-five days from the mailing date of the notice, the bond for deed shall be cancelled.
B. Where there is no mortgage or privilege existing upon the property, and the buyer shall be in default, the seller shall exercise the right of cancellation in the same manner.
C. The fee of the clerk of court for the registry of the cancellation shall not exceed the legal rate per hundred words fixed for conveyance registries.1
Acts 1999, No. 517, 1.
1 As appears in enrolled bill.
TITLE 9. CIVIL CODE ANCILLARIES
CODE BOOK III OF THE DIFFERENT MODES OF ACQUIRING THE OWNERSHIP OF THINGS
CODE TITLE VII. OF SALE
CHAPTER 2. CONVENTIONAL SALES
PART I. BOND FOR DEED CONTRACTS
9:2946. Unlawful to require mortgage notes when property encumbered; act of sale
It shall be unlawful for any seller in a bond for deed contract to require promissory notes to represent the purchase price or any portion thereof, if the property should be encumbered with a mortgage or privilege. Upon the payment to the escrow agent of the sum necessary to release the property, the seller shall execute a deed to the buyer and may then exact one or more mortgage notes to represent any portion of the unpaid purchase price. Should the property not be encumbered with a mortgage or privilege, and a note has been executed to represent all or a part of the price under the bond for deed contract, when the buyer shall become entitled to demand a deed, the seller shall execute an authentic sale and the notary passing it shall require the production of the note or notes and shall cancel them at the time of passing the sale.
TITLE 9. CIVIL CODE ANCILLARIES
CODE BOOK III OF THE DIFFERENT MODES OF ACQUIRING THE OWNERSHIP OF THINGS
CODE TITLE VII. OF SALE
CHAPTER 2. CONVENTIONAL SALES
PART I. BOND FOR DEED CONTRACTS
9:2947. Penalty for violations
Any person who sells by bond for deed contract any real property encumbered by mortgage or privilege without first obtaining and recording the guarantee required by R.S. 9:2942, shall be fined not more than one thousand dollars, or imprisoned for not more than six months, or both.
Any seller in a bond for deed contract of property encumbered with a mortgage or privilege, who requires promissory notes to represent the purchase price or any portion thereof, shall be fined not more than one thousand dollars, or imprisoned for not more than six months, or both.
TITLE 9. CIVIL CODE ANCILLARIES
CODE BOOK III OF THE DIFFERENT MODES OF ACQUIRING THE OWNERSHIP OF THINGS
CODE TITLE VII. OF SALE
CHAPTER 2. CONVENTIONAL SALES
PART I. BOND FOR DEED CONTRACTS
9:2948. Bond for deed buyer deemed owner for purposes of homestead exemption
Notwithstanding any other provisions of law to the contrary, the buyer under a bond for deed contract shall be deemed, for purposes of the homestead exemption only, to own any immovable property he has purchased and is occupying under bond for deed, and may be eligible for the homestead exemption provided in Article VII, Section 20(A) of the Constitution of Louisiana if otherwise qualified. The buyer under a bond for deed contract shall apply for the homestead exemption each year.
Acts 1993, No. 1030, 1.
Louisiana Case Law
Where a contract for the purchase of land provided that the seller had the option to demand specific performance or to cancel the agreement and retain all installment payments as earnest upon default in the payment of four monthly installments, the contract was a bond for deed and not an agreement of sale, irrespective of what label the parties gave the agreement. Leinhardt v. Marrero Land Improvement Ass, 137 So. 2d 387, 1962
La. App. LEXIS 1547 (La.App. 4 Cir. 1962).
Under La. Rev. Stat. Ann. 9:2941 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; mortgage company was enjoined from seizing and selling property because buyer, on bond for deed contract, had not yet become the true owner. St. Landry Loan Co. v. Etienne, 227 So. 2d 599, 1969 La. App. LEXIS 5559 (La.App. 3 Cir. 1969).
Legal definition
Bond for Deed - Contract for Deed
Contract for Deed - General - Louisiana
Louisiana State Statutes
TITLE 9. CIVIL CODE ANCILLARIES
CODE BOOK III - OF THE DIFFERENT MODES OF ACQUIRING THE OWNERSHIP OF THINGS
CODE TITLE VII. OF SALE
CHAPTER 2. CONVENTIONAL SALES
PART I. BOND FOR DEED CONTRACTS
9:2941. Bond for deed defined
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.
TITLE 9. CIVIL CODE ANCILLARIES
CODE BOOK III OF THE DIFFERENT MODES OF ACQUIRING THE OWNERSHIP OF THINGS
CODE TITLE VII. OF SALE
CHAPTER 2. CONVENTIONAL SALES
PART I. BOND FOR DEED CONTRACTS
9:2942. Unlawful to sell encumbered real property by bond for deed without guarantee to release on payment
It shall be unlawful to sell by bond for deed contract, any real property which is encumbered by mortgage or privilege without first obtaining a written guarantee from the mortgage and privilege holders to release the property upon payment by the buyer of a stipulated mortgage release price, with which agreement the secured notes shall be identified. The agreement shall be recorded in the mortgage records of the parish where the property is situated before any part of the property is offered for sale under bond for deed contracts. The provisions of this Part likewise shall apply to any property offered for sale by bond for deed contract which may be subsequently mortgaged or encumbered by a privilege.
TITLE 9. CIVIL CODE ANCILLARIES
CODE BOOK III OF THE DIFFERENT MODES OF ACQUIRING THE OWNERSHIP OF THINGS
CODE TITLE VII. OF SALE
CHAPTER 2. CONVENTIONAL SALES
PART I. BOND FOR DEED CONTRACTS
9:2943. Method of payment
All payments by the buyers under bond for deed contracts of property then or thereafter burdened with a mortgage or privilege, shall be made to some bank authorized to do business in this state, which shall have been designated as the escrow agent for all parties interested in the contract. The payments shall be distributed by the escrow agent between the seller and the holder of the mortgage or privilege, in such proportion as the secured obligation shall bear to the purchase price in order to insure the buyer an unencumbered title when all payments have been made as provided in the bond for deed contract.
TITLE 9. CIVIL CODE ANCILLARIES
CODE BOOK III OF THE DIFFERENT MODES OF ACQUIRING THE OWNERSHIP OF THINGS
CODE TITLE VII. OF SALE
CHAPTER 2. CONVENTIONAL SALES
PART I. BOND FOR DEED CONTRACTS
9:2944. Timely payment of installments precludes foreclosure; change of description upon foreclosure
The payment as they fall due of all installments by buyers under bond for deed contracts, shall preclude the holder of any secured notes from foreclosure, but the failure of the buyers to make payments as they fall due, shall secure to the holder of the notes the right to foreclose when the notes become due and are unpaid. In the event of a foreclosure under such circumstances, the description as contained in the act of mortgage may be changed so as to leave unaffected those lots or tracts of land on which payments have been kept up and so as to affect and adjudicate under the foreclosure only such lots as may be in default of payments and other lots not sold under bond for deed contracts.
TITLE 9. CIVIL CODE ANCILLARIES
CODE BOOK III OF THE DIFFERENT MODES OF ACQUIRING THE OWNERSHIP OF THINGS
CODE TITLE VII. OF SALE
CHAPTER 2. CONVENTIONAL SALES
PART I. BOND FOR DEED CONTRACTS
9:2945. Cancellation of bond for deed upon default
A. If the buyer under a bond for deed contract shall fail to make the payments in accordance with its terms and conditions, the seller, at his option, may have the bond for deed cancelled by proper registry in the conveyance records, provided he has first caused the escrow agent to serve notice upon the buyer, by registered or certified mail, return receipt requested, at his last known address, that unless payment is made as provided in the bond for deed within forty-five days from the mailing date of the notice, the bond for deed shall be cancelled.
B. Where there is no mortgage or privilege existing upon the property, and the buyer shall be in default, the seller shall exercise the right of cancellation in the same manner.
C. The fee of the clerk of court for the registry of the cancellation shall not exceed the legal rate per hundred words fixed for conveyance registries.1
Acts 1999, No. 517, 1.
1 As appears in enrolled bill.
TITLE 9. CIVIL CODE ANCILLARIES
CODE BOOK III OF THE DIFFERENT MODES OF ACQUIRING THE OWNERSHIP OF THINGS
CODE TITLE VII. OF SALE
CHAPTER 2. CONVENTIONAL SALES
PART I. BOND FOR DEED CONTRACTS
9:2946. Unlawful to require mortgage notes when property encumbered; act of sale
It shall be unlawful for any seller in a bond for deed contract to require promissory notes to represent the purchase price or any portion thereof, if the property should be encumbered with a mortgage or privilege. Upon the payment to the escrow agent of the sum necessary to release the property, the seller shall execute a deed to the buyer and may then exact one or more mortgage notes to represent any portion of the unpaid purchase price. Should the property not be encumbered with a mortgage or privilege, and a note has been executed to represent all or a part of the price under the bond for deed contract, when the buyer shall become entitled to demand a deed, the seller shall execute an authentic sale and the notary passing it shall require the production of the note or notes and shall cancel them at the time of passing the sale.
TITLE 9. CIVIL CODE ANCILLARIES
CODE BOOK III OF THE DIFFERENT MODES OF ACQUIRING THE OWNERSHIP OF THINGS
CODE TITLE VII. OF SALE
CHAPTER 2. CONVENTIONAL SALES
PART I. BOND FOR DEED CONTRACTS
9:2947. Penalty for violations
Any person who sells by bond for deed contract any real property encumbered by mortgage or privilege without first obtaining and recording the guarantee required by R.S. 9:2942, shall be fined not more than one thousand dollars, or imprisoned for not more than six months, or both.
Any seller in a bond for deed contract of property encumbered with a mortgage or privilege, who requires promissory notes to represent the purchase price or any portion thereof, shall be fined not more than one thousand dollars, or imprisoned for not more than six months, or both.
TITLE 9. CIVIL CODE ANCILLARIES
CODE BOOK III OF THE DIFFERENT MODES OF ACQUIRING THE OWNERSHIP OF THINGS
CODE TITLE VII. OF SALE
CHAPTER 2. CONVENTIONAL SALES
PART I. BOND FOR DEED CONTRACTS
9:2948. Bond for deed buyer deemed owner for purposes of homestead exemption
Notwithstanding any other provisions of law to the contrary, the buyer under a bond for deed contract shall be deemed, for purposes of the homestead exemption only, to own any immovable property he has purchased and is occupying under bond for deed, and may be eligible for the homestead exemption provided in Article VII, Section 20(A) of the Constitution of Louisiana if otherwise qualified. The buyer under a bond for deed contract shall apply for the homestead exemption each year.
Acts 1993, No. 1030, 1.
Louisiana Case Law
Where a contract for the purchase of land provided that the seller had the option to demand specific performance or to cancel the agreement and retain all installment payments as earnest upon default in the payment of four monthly installments, the contract was a bond for deed and not an agreement of sale, irrespective of what label the parties gave the agreement. Leinhardt v. Marrero Land Improvement Ass, 137 So. 2d 387, 1962
La. App. LEXIS 1547 (La.App. 4 Cir. 1962).
Under La. Rev. Stat. Ann. 9:2941 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; mortgage company was enjoined from seizing and selling property because buyer, on bond for deed contract, had not yet become the true owner. St. Landry Loan Co. v. Etienne, 227 So. 2d 599, 1969 La. App. LEXIS 5559 (La.App. 3 Cir. 1969).
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