A buyer and seller in Louisiana sign a purchase agreement for a residential property. For the Act of Sale to be valid and recordable in the public records, it must be executed in what form?
Correct Answer
A) Before a notary public and two witnesses, or by authentic act
Under Louisiana Civil Code Art. 1839 and Art. 2440, the transfer of immovable property must be made by authentic act or by act under private signature duly acknowledged. An authentic act in Louisiana is one executed before a notary public and two witnesses. This formality is required for the Act of Sale to be recordable in the conveyance records of the parish where the property is located.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
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