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Louisiana Bond for Deed Escrow Agent Surety Bond
The Louisiana Nondepository Division of the Office of Financial Institutions requires the licensing of all Bond for Deed Escrow Agents operating within the state. Any person designated by the parties to a bond for deed transaction who “…distributes payments made by the buyer, on behalf of a seller, to the holder of a mortgage or privilege in the real property subject to the bond for deed in accordance with a written bond for deed escrow agent agreement.”
By definition, a “bond for deed” is a contract to sell real property wherein the purchase price is to be paid by the buyer to the seller in installments. The term ”bond for deed” includes “contract for deed” or any other transaction operating as a conditional sale of real property however it is labeled.
The Louisiana requirements for licensure as a Bond for Deed Escrow Agent include:
1) A Bond for Deed Escrow Agent License Surety Bond in the amount of $10,000 for the initial licensure with said bond being adjusted annually based upon the business activity of the previous calendar year.
2) A net worth of at least $25,000.
3) An initial license fee of $150 with and annual renewal fee of $100. Penalties are provided for delinquent renewals.
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