Louisiana Revised Statutes 6:823 – Appraisal
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Terms Used In Louisiana Revised Statutes 6:823
- Appraisal: A determination of property value.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Real estate loan: means any loan or other obligation secured, as provided for in this Chapter, by immovable property held in full ownership or under a lease extending or renewable automatically for a period of at least five years beyond the date scheduled for the final principal payment of such loan or obligation, or any transaction out of which a mortgage or vendor's privilege is created against such immovable property including but not limited to the purchase of such real estate by an association and the concurrent or immediate sale thereof on installment contract. See Louisiana Revised Statutes 6:703
No investment in a real estate loan shall be made until either an independent qualified person, a central appraisal bureau, or an appraisal committee approved by the board of directors shall have made a physical inspection and submitted a signed appraisal of the value of the real estate securing such loan.
Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.