According to the. R.S. 9:2941.1, when entering an obligation for the debt contract in the mortgage and transmission documents, any sale, lease, mortgage, pledge, etc. submitted subsequently, is subject to the rights created by the loan agreement. (This provision does not apply to tax sales or withdrawals referred to in paragraphs 47:2171 et seq.) For most transactions, the entry process is long and can take months. In a Bond for Deed contract, the owner terminates the contract and repossesses the property after issuing a certified standard letter to the last known address and, in particular, to the property indicated in the Bond for Deed contract. State law provides for a loan for the buyer of a 45-day instrument to heal the default, and if he does not, the seller may terminate the obligation of the deed and withdraw his registration from the public record. In addition, all deposits or payments are cancelled, as agreed in the Bond for Deed contract, which allows the owner to continue the sale or financing of the property. Instalment payments are due, as stated in the bond contract. Late payments may jeopardize the Bond for Deed contract, unless otherwise specified in the contract. Likewise, all improvements made by buyers at buyer`s expense should not be reimbursed by seller unless this is stipulated, signed and performed in the obligation registered for the document contract.
Other funds, such as annual property taxes, can be returned if the Bond for Deed contract sets this item and is agreed and signed by all parties to the Bond for Deed contract. == supporting documents == 9:2945, if the buyer is in arrears in payments under a loan for the document contract, the seller may have the surety of the deed terminated by an appropriate register in the transmission documents, provided that he has first encouraged the fiduciary agent to send the certificate to the buyer, by registered letter or registered letter, at its last known address, that the obligation be cancelled within forty-five days of the date of dispatch of the notification, unless payment is made in accordance with the act. A BFD contract does not transfer ownership to the buyer until the full purchase price is paid and the seller delivers the property to the buyer. In a well-developed document, the transfer of ownership is carried out automatically after the closing of payments. However, not all obligations are well done for deed contracts. Where a balloon payment is stipulated in the Bond for Deed contract, the buyer has authorized permanent financing within the deadlines set out in the Bond for Deed contract, so that the balloon payment is made within the deadlines agreed by all parties. If the balloon payment is set to settle the balance of the loan, the owner transfers the property to the buyer and the deposit of the deed is canceled by a notary or lawyer. The fiduciary or service business can help cancel the bill on the property and get ownership of the property if a mortgage is paid. .