1. Bond for Deed―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.
2. Buyer―a prospective transferee of title to real property which is the subject of the bond for deed transaction.
3. Commissioner―the Commissioner of the Office of Financial Institutions.
4. Escrow Agent―a person designated by the parties to a bond for deed transaction who distributes payments made by the buyer to the seller, or on behalf of the seller, to any person in accordance with a written bond for deed escrow agent agreement.
5. Person―any individual, firm, corporation, limited liability company, partnership, association, trust, or legal or commercial entity, or other group of individuals, however organized.
6. Principal Shareholder―a person owning in excess of
   10 percent of the total outstanding shares of a corporation, a limited liability company or other legal or commercial entity.
7. Real Property―immovable property located in Louisiana.
8. Seller―a prospective transferor of title to real property which is the subject of the bond for deed transaction.

Authority Note

AUTHORITY NOTE: Promulgated in accordance with R.S. 6:414(B).

Historical Note

HISTORICAL NOTE: Promulgated by the Department of Economic Development, Office of Financial Institutions, LR 20:412 (April 1994), amended LR 22:187 (March 1996).