Terms Used In Louisiana Revised Statutes 9:3197

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Contract: A legal written agreement that becomes binding when signed.
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Executor: A male person named in a will to carry out the decedent
  • Fiduciary: A trustee, executor, or administrator.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Inter vivos: Transfer of property from one living person to another living person.
  • Intestate: Dying without leaving a will.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • Purchaser: means a transferee or prospective transferee in any of the types of transactions described in R. See Louisiana Revised Statutes 9:3196
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Residential real property: means real property consisting of one or not more than four residential dwelling units, which are buildings or structures each of which are occupied or intended for occupancy as single family residences. See Louisiana Revised Statutes 9:3196
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Testate: To die leaving a will.
  • Trustee: A person or institution holding and administering property in trust.
  • Writ: A formal written command, issued from the court, requiring the performance of a specific act.

            A. The provisions of this Chapter shall apply to the transfer of any interest in residential real property, whether by sale, exchange, bond for deed, lease with option to purchase, or any other option to purchase, including transactions in which the assistance of a real estate licensee is utilized and those in which such assistance is not utilized.

            B. The provisions of this Chapter shall not apply to any of the following:

            (1) Transfers ordered by a court, including but not limited to a transfer ordered by a court in the administration of an estate, a transfer pursuant to a writ of execution, a transfer by any foreclosure sale, a transfer by a trustee in bankruptcy, a transfer by eminent domain, and any transfer resulting from a decree of specific performance.

            (2) Transfers to a mortgagee by a mortgagor or successor in interest who is in default.

            (3) Transfers by a mortgagee who has acquired the residential real property at a sale conducted pursuant to a power of sale under a mortgage or a sale pursuant to decree of foreclosure, or who has acquired the residential property by a deed in lieu of foreclosure.

            (4) Transfers by a fiduciary in the course of administration of a decedent‘s estate, guardianship, conservatorship, or trust.

            (5) Transfers of newly constructed residential real property, which has never been occupied.

            (6) Transfers from one or more co-owners solely to one or more of the remaining co-owners.

            (7) Transfers from the succession executor or administrator pursuant to testate or intestate succession.

            (8) Transfers of residential real property that will be converted by the purchaser into a use other than residential use.

            (9) Transfers of residential real property to a spouse or relative in the line of consanguinity.

            (10) Transfers between spouses resulting from a judgment of divorce or a judgment of separate maintenance or from a property settlement agreement incidental to such a judgment.

            (11) Transfers or exchanges to or from any governmental entity.

            (12) Transfers from an entity that has acquired title or assignment of a real estate contract to a piece of residential real property to assist the prior owner in relocating, as long as the entity makes available to the purchaser a copy of the property disclosure statement, any inspection reports if any furnished to the entity by the prior owner, or both.

            (13) Transfers to an inter vivos trust.

            (14) Acts that, without additional consideration and without changing ownership or ownership interest, confirm, correct, modify, or supplement a deed or conveyance previously recorded.

            Acts 2003, No. 308, §1, eff.June 13 2003; Acts 2018, No. 559, §1.